On what sum will the compound interest at 15/2% per annum for 3 years compounded annually be rs.3101.40
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you need rs.12,800 to accumulate rs.3101.40 in 3yrs
ramchakravarti9:
Plz solve
use the compounded interest formula..S=(1+r) raise to the power of n-1
First, S=(1+.075)3
Now, after 3 years, your principal amount will become:
1.0753= 1.242296875; the excess 0.242296875 is the portion of rs. 3101.40 to the principal amount
Finally, 3101.40/0.242296875=12800
Now, after 3 years, your principal amount will become:
1.0753= 1.242296875; the excess 0.242296875 is the portion of rs. 3101.40 to the principal amount
Finally, 3101.40/0.242296875=12800
How do you got 0.242297875
0.242296875
1.075 raise to 3
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