Question

Hello

Find the amount & compound interest if : principle- 7000, rate - 7%, time - 3 years

solve using formula:
$p(1+ \frac{r}{100} ) {}^{t}$
explain the answer pls​

Answer 1

Answer:

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Answer 2

Answer:

Amount=8575.301

Principle=1575.301

Step-by-step explanation:

A=p(1+r/100)^t

=7000(1+7/100)^3

=7000{(100+7)÷(100)}^3

=7000×(107/100)×(107/100)×(107/100)

={7×107×107×107}÷1000

=8575301/1000

=8575.301

Therefore A=8575.301

compound interest

=Amount- Principle

=8575.301-7000

=1575.301