mohan deposited rs 8000 in SBI for 15 months .if the bank pays compound interest at 12% per annum then find the amount of interest received by him.
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Given:
Principal = Rs 8000
Rate = 12% per annum
Time = 15 Months
Rate will be compounded 5 monthly.
Formula Used:
Concept Used:
15 Months is 3 terms of 5 months
12% is gained in 12 months, so in 5 months it will be 5%.
Calculation:
⇒ A = (8000 × 21 × 21 × 21)/(20 × 20 × 20) = Rs 9261
∴ The Amount earned will be Rs 9261.
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Answer:
Rs 9261
Step-by-step explanation:
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