Rinku invests 36,500 at 8% per annum compound interest for 4 years. Calculate:
a) the compound interest for second year.
b) the amount at the end of the fourth year.
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Answer:
a) 36500×108/100*108/100
42573.6
42573.6-36500=6073.6
b)42573.6×108*100*108/100
=49657.84
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