Mathew deposited Rs 40000 in an account what is the rate of simple interest if he earns an interest of Rs 8880 in his account in years
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The compound interest that Manju will get about Rs. 46,305.
Given:
Manju deposited Rs 40000 in a bank for 3 years compounded annually at 5% per annum
To find:
Find the compound interest she gets
Solution:
Interest in compound interest = P (1 + \frac{r}{100})^{n}(1+
100
r
)
n
P=40000, r=5, n=3
Substituting the values in the formula, we get
Interest = 40000 (1 + \frac{5}{100})^{3}(1+
100
5
)
3
= 40000 (\frac{21}{20} \times \frac{21}{20} \times \frac{21}{20})(
20
21
×
20
21
×
20
21
)
= 46,305. Rs
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