Urav took a loan of rs.8,000 from a bank at 15% rate of interest per annum compounded annually
for 3 years. What will be the interest levied on the sum in three years?
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Answered by
11
Answer:
₹4167
Step-by-step explanation:
Principal (P) = ₹8000
Rate (R) = 15%
Time (n) = 3 years
Amount (A) = P (1 + R/100)ⁿ
=> A = 8000 (1 + 15/100)³
=> A = 8000 (23/20)³
=> A = ₹12167
Compound Interest = A-P = ₹12167 - ₹8000 = ₹4167
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Amount = Rs. 12,167
Compound interest= Rs. 4167
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