find the compound interest if the principal is 700000 rate is 2% and time is 5 years
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Principal = 700000
Rate = 2%
Time = 5 Years
C.I. = ?
As we know C.I. = P(1+i)^n-1
Where i belongs to r/100
Now by formula,
C.I. = P(1+i)^n-1
700000((1+0.02)^5-1)
700000((1.02)^5-1)
700000(1.10408+1)
700000×0.10408
72856.56 is the amount of compound interest...
Hope it helps you
Principal = 700000
Rate = 2%
Time = 5 Years
C.I. = ?
As we know C.I. = P(1+i)^n-1
Where i belongs to r/100
Now by formula,
C.I. = P(1+i)^n-1
700000((1+0.02)^5-1)
700000((1.02)^5-1)
700000(1.10408+1)
700000×0.10408
72856.56 is the amount of compound interest...
Hope it helps you
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