Q.7 Find the amount if 18000 is invested for 8 years at 8% p.a.
compounded annually. {2 MARKS}
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I don't no
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We have to find the amount after 8 years if 18,000 is invested at 8% per annum compounded annually.
Solution : principal, P = 18,000
time, n = 8 years
rate , r = 8 % per annum
using formula, A = P(1 + r/100)ⁿ
⇒A = 18,000(1 + 8/100)^8
= 18000(1 + 0.08)^8
= 18000(1.08)^8
= 18000 × 1.85
= 33,300
Therefore the amount will be 33,300 after 8 years.
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