What would be the compound interest accrued on an amount of rs. 8400 at the rate 12.5% per annum at the end 3 yr? (rounded off to two digits after decimal)
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compound interest is Rs.3560.16
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Answer:
I am doing without using formula.
Step-by-step explanation:
For the 1st year :
P=8400rs.
R=12.5%
T=1yr
I=P*R*T/100=8400*12.5/100
=1050rs.
A=8400+1050
=9450rs.
For the 2nd year
P=9450rs.
T=1yr
R=12.5%
I=9450*12.5/100
=1181.25rs
A=9450+1181.25
=10631.25rs
For the 3rd year
P=10631.25rs
R=12.5%
T=1yr
I=10631.25*12.5/100
=1328.90625rs
A=10631.25+1328.90625
=11960.15625
CI= Final amount - Original principal
=11960.15625-8400
=3560.15625rs
Rounding off to two digits
=3560.16rs.
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