find the compound interest on rupees 31250 at 8 pcpa for 2.75 years
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Answer:
Given :
Principle = p = Rs 31250
Rate = r = 8% per annum = 0.08
Time = t = 2¾ years = 2.75 years
To find :- Compound Interest = C.I
Find the Amount (A) :-
A = p (1 + r)^t
= 31250 (1 + 0.08)^2.75
= 31250 (1.08)^2.75
= 31250 × 1.2357064899
= 38615.83 approx.
Find the compound interest :-
C.I = A - p
= Rs (38615.83 - 31250)
= Rs 7365.83
Hence,
Compound Interest = Rs 7365.83
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