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Question
Find the Compound Interest on Rs. 2,000 for 3 years at 15% per annum Compounded annually.
Solution
Amount at the end of the third year
A = P `(1 + r/100)^n`
Given P = ₹ 2,000, r = 15%, n = 3years
A = ₹ 2,000 `(1 + 15/100)^3`
= ₹ 2,000 x `(23)/(20) xx (23)/(20) xx (23)/(20)`
= ₹ 3,041·75
Compound Interest = (A - P)
= ₹ (3,041.75 - 2,000)
= ₹ 1,041·75.
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