The compound interest on rs. 64,000 for 3 years, compounded annually at 7.5% p.a. is
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Answered by
4
Compound interest (CI) = Principal (1 + r/100)^t - Principal
Given, Principal = 64000
Rate = 7.5% p.a
Time = 3 years
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Where r is the rate and t is the time.
CI = 64000 (1 + 7.5/100)³ - 64000
= 64000 (1 + 75/1000)³ - 64000
= 64000 (1 + 3/40)³ - 64000
= 64000 (43/40)³ - 64000
= 64000 * 43/40 * 43/40 * 43/40 - 64000
= 43 * 43 * 43 - 64000
= 79507 - 64000
= 15507
Hence CI will be 15507 rupees.
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Answered by
6
hope it would helps u ....
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