mr. ashfaq deposited Rs. 100000 for 3 years in a bank at the rate of 15% profit per year. calculate total profit on deposited amount after three years.
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2
Answer:
1,22,504.03
Explanation:
Interest for the1
st
year =Rs
100
100000×1×7
=Rs7000
Amount after the1
st
year =Rs100000+Rs7000=Rs107000
Interest for the 2
nd
year =Rs
100
107000×1×7
=Rs7490
Amount after the 2
nd
year =Rs107000+Rs7490=Rs114490
Interest for the3
rd
year =Rs
100
114490×1×7
=Rs8014.3
∴ Amount at the end of the 3
rd
year =Rs114490+Rs8014.3=Rs122504.30
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