what sum of money must be deposited in a bank at the end of each year for 3 years to get 10000 at the end of 5 years, if bank pays interest 8% per annum compounded annually?
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It is easier to calculate simple interest than compound interest since simple interest is calculated only on the principal amount of a loan or deposit. The formula for simple interest is Interest = Principal x Rate x Time. To compute compound interest we use the formula: Amount = P*
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