On 1-1-2015 Mr. Muhammad deposited Rs. 5600 in a bank. If bank credits his account @8% per annum compounding annually, his balance on 31-12-2020 is almost
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Step-by-step explanation:
CI = P(1+I)^N
⇒5600(1+0.08)^5
⇒5600(1.08)^5
⇒5600 x 1.4693280768
⇒8228.237223008
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