Question

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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Answer 1

Answer:

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.

Answer 2

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