find the compound interest on rs. 5000,8% and 2 years
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Compound interest accumulation function :
P(1 + i)ⁿ = Amount
P = 5000
i = 8%
n = 2 years
Amount :
5000 × (1.08)² = 5832
Interest = 5832 - 5000 = 832
= Rs 832
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