Find the compound interest on $25000at the rate of 12%per annum for three years
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Answer:
Principal (P) = 25000
Rate (R) = 12%
Time (t) = 3 years
Compound Interest = P [ (1+R/100)^t - 1]
25000 [ ( 1+12/100)^3 - 1]
25000 [ (28/25)^3 - 1]
25000 [ (21952/15625) - 1]
25000 × 6327/15625
= 10123.2
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