How much compound interest is earned by investing 20000for 6 years at 5% per annum compounded annually ?
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Answered by
2
Amount, A = P[1+R/100]ⁿ
substituting the values,
A= 20000[1+5/100]⁶
=20000[105/100]⁶
=26801.90
So, CI = A- P
= 26801.9 - 20000 = Rs 6801.90
substituting the values,
A= 20000[1+5/100]⁶
=20000[105/100]⁶
=26801.90
So, CI = A- P
= 26801.9 - 20000 = Rs 6801.90
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4
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