Mike deposited a sum of $ 64000 in a post office for 3 years, compounded annually at 7% per annum. What amount will he get on maturity?
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Answer:
Rs.79507
Step-by-step explanation:
Principal = Rs.64000
Time = 3 years
Rate of interest = 15/2 %
No. of compounds per year , n = 1
Hence he will get Rs.79507 on maturity
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