Rs. 60000 is lent out at 20% per annum for 3 years, compounded annually. The compound interest is
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Answer:
a=60000(1+20/100)³
a= 60000(120/100)³
a= 60000×120/100×120/100×120/100
a= 103680
CI= a-p
= 103680-60000
= 43680
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