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Question
Shekhar had a fixed deposit of Rs 24000 for 3 years . If he received interest at 10% p.a compounded annually, find the amount received by him at the time of maturity.
Solution
Amount = `"P" (1 + "r"/100)^"t"`
Amount = `24000 (1 + 10/100)^3 = 31944`
Therefore, Shekhar received Rs . 31944 at the time of maturity.
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