The amount of rs 40000 for two years at the intestrate rate of 8% per annum becomes ?
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Simple Interest is earned or paid on the Principal only. Divide an annual rate by 12 to get (r) if the Period is a month. You'll often find the formula written using an annual interest rate where the number of periods is specified in years or a fraction of a year.
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Explanation:
➡️ At what rate percent per annum will a sum of money double in 8 years.
The principle of compounding growth is used extensively in the financial world to transform small savings into a big corpus over time. It’s also the underlying idea behind MBA topics such as time value of money and discounted cash flow (DCF) valuation.
Learn about simple and compound interest concepts as you’ll need them not only for entrance exams but in the real world too, especially after you become rich and famous.
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