If principal amount is Rs. 4800, rate of interest is
8% per annum. Then find compound interest for 3rd year
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Explanation:
principal amount = 4800₹
rate of interest = 8% per annum
compound interest for 3rd year = ?
compound interest = P((1+R/100)^2-1)
= 4800((1+8/100)^2-1)
= 4800((100+8/100)^2-1)
= 4800((108/100)^2-1)
= 4800(11664-10000/10000)
= 4800(1664/10000)
= 4800(0.1664)
= 798.72.
compound interest = 798.72
compound interest for 3rd year = 798.72 × 3
= 2396.16.
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