Using the formula, calculate the amount, when: principal=20, 000, Rate=15% per annum, Time = 3 year
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Answered by
2
Answer:
C.I = 10417.5
Step-by-step explanation:
Given principal amount is P = 20000
Time to repay the amount is N = 3 years
Rate of interest is R =15 %
To find the amount of compound interest after 2 years
C.I. = ?
We know that the formula to calculate the final amount
A=P(1+R/100)∧N
On putting the given values
A=20000×(1+15/100)^3
On simplification
A=20000×1.520875
A=30417.5
Now we will calculate the compound interest
We know that
∴ C.I. = A − P
On putting the values of A and P
We get
=30417.5 − 20000
On subtracting
We get C.I = 10417.5
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0
Answer:
Hope it helps!!
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