Ram deposit to 20000 in bank rate of 8% for 2•5 years .How much he gets compound interest?
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Answer:
He gets ₹ 4,261.12 compound interest.
Step-by-step explanation:
Solution. First, we find the amount after 2 years.
A = P(1+R/100)^n = ₹ 20,000(1+8/100)²
= ₹ 20,000 × (27/25)²
= ₹ 20,000×27/25×27/25 = ₹ 23,328
Principal for the third year = ₹ 23,328
Interest for the next 1/2 year = P×R×T/100
= ₹23,328×8×1/2 / 100
= ₹ 933.12
Amount for 2.5 years = ₹23,328 + ₹933.12
= ₹ 24,261.12
C.I. for 2.5 years = Amount - Principal
= ₹ 24,261.12 - ₹ 20,000
= ₹ 4,261.12 (ans).
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