The amount of money in the account every
yeur, when I 10,000 is deposited at
Compound interest at 8% per annum.
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Answer:
Given Amount = 10,000
Interest =8%
Total amount =P(1+r)n
P is principle amount.
R is the rate of interest.
N is no of year.
Compound interest increases depend on principle .
Next year interest is interest on before year total.
= 10000(1+0.08)n
At the end of the first year,
=1000(1.08)=10800/−
Therefore , Every year the amount increases at 1.08 times.
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