What is the compound interest for 3 years on 40500 at 6.25% p.a.?
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Answer:
₹8,328
Step-by-step explanation:
Here
Principal amount (P) = 40500
Time (t) = 3 years
Rate of interest p.a (r) = 6.25
Now
By using compound interest formula
A = 48,828
Therefore
Compound interest = A - P
= 48,828 - 40,500
= ₹ 8,328
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