Mohan wants to start a bakery. For this purpose, he borrowed ₹40000 at the rate of 8% per annum, compounded annually from Rahul.What is the interest received by Rahul after one year?
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Answer:
P = 40000
R = 8%
T = 1
A = P ( 1 + r/100)^t
= 40000(1+8/100)^1
= 40000(108/100)^1
= 40000(27/25)^1
= 1600(27)
A = 43200
Interest = A - P
= 43200 - 40000
Interest =3200
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