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Question
Calculate the amount and cornpound interest for the following, when cornpounded annually:
Rs 25,000 for 3 years at 8 % p.a.
Solution
Rs 25,000 for 3 years at 8 % p.a.
P=Rs 25,000; t=3 years; r=8 % p.a.
`"A" = "P" (1 + "r"/100)^"n"`
A = Rs 25000 `(1 + 8/100)^3`
= Rs 25, 000 x 1. 08 x 1.08 x 1. 08
= Rs 31,492.80
C.l .= A - P
= Rs (31,492.80 - 25, 000)
= Rs 6,492.80
Hence, Amount = Rs 31,492.80 and C.I. = Rs 6,492.80
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