Rohit invests Rs.25,000 in an investment
at a compound interest of 15% per
annum. However, he has to withdraw
his investments after 16 months.
How much interest did Rohit earn?
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Answer:
Rohit has invested 25000 at a compound interest rate of 15% per annum for 2 years. However, he withdrew the amount after 16 months. Therefore following the formula of calculating compound interest we can write 25000(1+15/100) ^16/24 = 27441.33.
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