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Find the amount and compound interest on
(i) Rs 10,000 in 3 years at 8% per annum
(ii) Rs 40,000 in 3 years at 71% per annum
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Answer:
For 1st year
Principal(P) =Rs. 10000, Rate(R) =8%
Time(T) =1 year
∴
Interest =
10000
×
8
×
1
100
=
100
×
8
=
R
s
.
800
For 2nd year
P= Rs. 10000 +Rs. 800=Rs. 10800
Rate(R) =8% Time(T)=1 year
∴
Interest=
10800
×
8
×
1
100
=
108
×
8
=
R
s
.
864
For 3rd year
∴
P= Rs. 10800 +Rs. 864 =Rs. 11664, R=8%, T=1 year
∴
Interest=
11664
×
8
×
1
100
=
11664
×
2
25
=Rs. 933.12
∴
Amount =Rs. 11664 +933.12 =Rs. 12597.12
Hence required amount =Rs. 12597.12
∴
Compound interest =Rs. 12597.12 -10000=Rs. 2597.12
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