Swati took a loan of 8000 from State bank of India for 3 years at the rate of
12.5% per annum, compounded annually. Find the amount and the compound
interest she has to pay at the end of 3 years to clear her debt to the nearest
rupee.
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Answer:
Principal (P) = Rs.8000
Rate (R) = 12.5%
Time (n) = 3 years
Amount (A) = P (1 + R/100)ⁿ
=> A = 8000 (1 + 12.5/100)³
=> A = 8000 (9/8)³
=> A = Rs.11390.625 = Rs.11391
Compound Interest = A-P = Rs.(11391-8000) = Rs.3391
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