Paul invests R2000 at 6% compound interest per annum .how much will he have at the end of 5 years
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Answer:
The compound interest is rs. 676.451155
Step-by-step explanation:
Principal amount = rs. 2000 (P)
Rate of interest = 6% (R)
Time = 5 years (n)
Amount = P(1+R/100)^n
Amount = 2000 ( 1 + 6/100)^5
Amount = 2000 (106/100)^5
Amount = 2000×106×106×106×106×106 / 100×100×100×100×100
Amount = 2676.451155
Compound interest = amount - principle
C. I = 676.451155
The compound interest is rs. 676.451155 for principal amount rs. 2000 for 5 years at rate of 6% per annum
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