Mr. Sinha borrows 12,000 for 4 years at compound interest rate of 8% p.a.
How much will be have to repay at the end of the period.
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Answer:
Answered by
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Step-by-step explanation:
formula for finding compound interest
A=P (1+R/100)^N
Substituting the values
A=12000×(1+8/100)^4
=12000×(108/100)^4
=12000×108/100×108/100×108/100×108/100
=16,325.86752 rupees
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