Sahil deposit a sum of 8000 at compound interest in the bank at the rate of 18% per annum for 3 years what interest will he get after the end of 3 years?
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Principal Amount =P= 8000
No.of periods= n = 3 years
Rate of interest Per Annum= i = 18 %
Compounded amount = P(1+i)^n
= 8000(1+18/100)^3
=8000(1 +0.18)^3
=8000(1.18)^3
= 8000(1.643)
= 13144.25
Compound Interest = Compounded amount - Principal Amount
= 13144.25 - 8000 = 5144.25
No.of periods= n = 3 years
Rate of interest Per Annum= i = 18 %
Compounded amount = P(1+i)^n
= 8000(1+18/100)^3
=8000(1 +0.18)^3
=8000(1.18)^3
= 8000(1.643)
= 13144.25
Compound Interest = Compounded amount - Principal Amount
= 13144.25 - 8000 = 5144.25
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