Question: 1
Find the amount and the compound interest on Rs 32,000 at 5% per year for 3 years.
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Answer:
Amount = ₹37,044
Compound Interest = ₹5,044
Step-by-step explanation:
A = P(1 + R)ⁿ
A = 32,000 (1 + 5/100)³
A = 32,000 (1.05)³
A = 32,000 (1.157625)
A = ₹37,044
CI = ₹37,044 - ₹32,000
CI = ₹5,044
Hope it helps :)
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