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Answer:
Correct question:
Suresh deposited Rupee 1250 in his savings bank account. Find the compound interest earned by him after 3 years if if the rate of interest is 5% per annum and the interest is payable annually.
Solution:
Given:
Principal = Rupee 1250
Rate = 5%
Time (n)= 3 years
Formula used:
A = p(1+R/100)^n
= 1250(1 + 5/100) ^3
1250( 1+1/ 20)^3
1250(21/20)^3
1250× 21/20×21/20×21/20
11576250/1000
= 11576.25
Amount= 11576.25
Find:
Compound interest (CI)
CI= Amount- principal
= 11576.25- 1250
= 10326.25
Compound interest:
= 10326.25
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