mary deposited rs 5000 at 9% per annum for 3 years with its interest compounded annually determine the compound interest received at the end of 3rd year
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Step-by-step explanation:
He will get Rs.9261 after 3 years
Step-by-step explanation:
Principal = Rs.8000
Rate of interest = 5% =0.05
Time = 3 years
Formula : A=P(1+r)^tA=P(1+r)
t
A = Amount
P = Principal
t = time
r = rate of interest
A=8000(1+0.05)^3A=8000(1+0.05)
3
A=Rs.9261
Hence He will get Rs.9261 after 3 years
#Learn more:
Find the amount and the compound interest on rupees 8000 at 5% per annum for 2 years compounded annually
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