What the sum of money will amount to 9261 in 3 years at 5% per annum compounded interest
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Answer:
given: A = 9261, n = 3, r = 5%, P = ?
formula used: A = P (1+r/100)ⁿ
=> 9261 = P (1+5/100)³
=> 9261 = P (1 + 1/20)³
=> 9261 = P (21/20)³
=> P = 9261 * (20/21)³
=> P = 9261 * 20*20*20 / 21*21*21
=> P = Rs 8000
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