give the principle of rupees 20000 rate of interest is 8% p.a. compounded annually find the interest if the period is one year
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Answer:
1481.5
Step-by-step explanation:
A = P(1+R/100)^n
20000 = P X ( 1 + 8/100)¹
20000 = P X (108/100)
20000/108 X 100 = P
18,518.5 = P
compound interest = A - P
= 20000 - 18518.5
= 1481.5
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