Find the amount and the compound interest on Rs 1000 at 5% per annum for 3 years.
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Answer:
Rs 157.625
Step-by-step explanation:
Principal=Rs1000
Rate of Interest=5%
Time=3yrs
Compound Interest:
A=P[1+R/100]^3
=1000[1+5/100]^3
=1000[105/100]^3
=1000*105/100*105/100*105/100
=1157.625
COMPOUND INTEREST = A-P
= 1157.625-1000
=Rs157.625
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