Find the compound interest on rupee 7000 for 3 years at 5% per annum compound annually.
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Answer: Solution:
Here,
Principal (P)= Rs 7000
Time (T)= 3 years
Rate(R)= 5% per annum
We have,
CI =P{(1+R/100)^2-1}
= 7000{(1+5/100)^2-1}
= 7000×(441/400 -1)
=7000×41/400
=717.5
Therefore, the compound interest is Rs 717.5.
Step-by-step explanation:
sharmavaruna81:
It's wrong
What's the answer then? The formula and the process is correct.
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