find the amount of rs31250 at 12%pa compounded annually for 2 1/2 years, find the compound interest
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Answer:
amount will be 40,625.00
Step-by-step explanation:
P=31250
R=12%
T=2.5 YEAR
First, converting R percent to r a decimal
r = R/100 = 12%/100 = 0.12 per year.
Solving our equation:
A = 31250(1 + (0.12 × 2.5)) = 40625
A = 40,625.00
The total amount accrued, principal plus interest, from simple interest on a principal of 31,250.00 at a rate of 12% per year for 2.5 years is 40,625.00.
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