If the annual interest for Rs 15,625 is 8% then see the compound interest for 3 years
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Step-by-step explanation:
We know,
Amount after 3 years =P(1+
100
r
)
3
=15625(1+
100
8
)
3
=15625(1+
25
2
)
3
=15625(
25
27
)
3
=15625×
25
27
×
25
27
×
25
27
= 19,683
Now, Compound interest =A−P=19,683−15,625
= 4,058
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