What is the compound interest of 1000 rupees for 4 years at 5% p.a.?
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Answer:
CI=1,000=
⎝
⎜
⎜
⎛
1+
100
2
5
⎠
⎟
⎟
⎞
4×2
−1,000
=1,000(1.05)
8
−1,000
=1,218−1,000=218
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