Question

Let us calculate the amount on rs.5000 at the rate of 8% compound interest per annum for 3 years.

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Answer 1

Step-by-step explanation:

Refer to the Attachment❤

Answer 2

• Principal (P) = Rs. 5000

• Rate (R) = 8% = $\dfrac{8}{100}$

• Time (t) = 3 years

__________ [ GIVEN ]

• We have to find the compound interest per annum (A)

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→ A = P $( {1 \: + \: R)}^{t}$

→ A = 5000 $\bigg( {1 \: + \: \dfrac{8}{100}\bigg)}^{3}$

→ A = 5000 $\bigg(\dfrac{100\:+\: 8}{100}\bigg)^{3}$

→ A = 5000 $\bigg(\dfrac{108}{100}\bigg)^{3}$

→ A = 5000 × $\dfrac{108}{100}$ × $\dfrac{108}{100}$ × $\dfrac{108}{100}$

→ A = 5000 × 1.08 × 1.08 × 1.08

→ A = 5000 × 1.259712

→ A = 6298.56

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Amount = Rs. 6298.56

__________ [ ANSWER ]

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