On what Sum of money will the compound
interest for 2 years at 8% per annum
be Rupees 3744 ?
Answers
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3
Answer:
Rs.623
Step-by-step explanation:
Principal (P) = Rs.3744
Rate (R) = 8%
Time (n) = 2 years
Amount (A) = P (1 + R/100)ⁿ
=> A = 3744 (1 + 8/100)²
=> A = 3744 (27/25)²
=> A = Rs.4367
Compound Interest = A-P = Rs.(4367-3744) = Rs.623
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