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Question

Calculate the amount and compound interest for Rs. 20,000 for 3 years at 8% compounded annually.

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Solution

Here P=20,000 Rs., n=3 years, R=8
Amount(A)=P(1+R100)n
=20000(1+8100)3
=20000(2725)3
=20000×(27)325×25×25
=32×(27)325
=25,194.24 Rs.
Compound interest(C.I)=AP=25,194.2420,000=5,194.24
Hence, the compound interest is Rs. 5,194

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