How many years will it take for #240,000 to amount to #288,000 at 8% compound interest per annum
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Answer:
Interest for the first year = P×R×T = 100
4,000×8×1 = Rs.320
Amount for the first year = Rs.4,000 + Rs. 320 = Rs. 4,320
Interest for the second year =
100
P×R×T
100
= Rs.320
Amount for the first year = Rs.4,000 + Rs. 320 = Rs. 4,320
Interest for the second year =
100
= Rs.432
Amount for the second year = Rs.4,320 + Rs. 432 = Rs. 4,752
Interest for the third year
100
4,752×10×1
= Rs.475.20
Amount for the third year = Rs.4,752 + Rs. 475.20 = Rs. 5,227.20
So, the compound interest = Rs. 5,227.20 - Rs.4,000 = Rs.1,227.20
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