find the compound interest on 3125 for 3 years at the rate of interest for the first second third year respectively 4,5,6
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Compound Interest is Rs. 492.25
Step-by-step explanation:
Principal Amount P= Rs. 3125
Rate of Interest in First year 4%
Amount at the end of 1st year
A=P(1+r/100)
=3125(1+0.04)=3125x1.04= Rs. 3250
Amount at the end of 2nd year
=3250(1+0.05)= 3250x(1.05)= Rs. 3412.5
Amount at the end of 3rd year
= 3412.5(1+0.06)
=Rs. 3617.25
Compound Interest = A-P
=3617.25-3125
= Rs. 492.25
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