Rama borrowed 18000 from her friend at 8% per annum for 3 years. Find th
by Rama after 3 years, if interest is compounded annually.
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if the rate of interest is 5 ½ % per annum compounded annually, determine the compound interest which Anil will have to pay after 3 years.
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principal (p) = 18000
rate (r) = 8%
Time (t) = 3yrs
By using the Formula :-
A=P(1+R/100)
= 18000 ( 1 + 3 / 100 )^ 3
= 19,669.086
Therefore the compound interest = A - P
= 19,669.086 - 18000
= 1,669.086
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