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Question

By using the formula, find the amount and compound interest on:

What sum of money will amount to Rs 21296 in 3 years at 10% per annum, compounded annually ?


Solution

Amount (A) = Rs. 21296Rate (r)= 10% p.a.Period (n) = 3 yearsLet P be the sum, TheA=P(1+r100)n 21296=P(1+10100)3 21296=P(1110)3P=Rs. 21296×(1011)3=21296×1011×1011×1011=Rs. 16000 Sum = Rs. 16000 Ans.


Mathematics
Secondary School Mathematics VIII
Standard VIII

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