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Question

Find the compound interest on Rs.2,000 at the rate of interest 5% per annum for 3 years.

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Solution

Given principal P= Rs.2000, Rate r=5% yearly, Time n=3 years
We know that Compound Intererst = Amount Principal
Also we know that Amount can be calculated using the formula :
A=P(1+r100)n
Therefore,Compound interest =P(1+r100)nP
=2000(1+5100)32000

=2000(1+120)32000

=2000(2120)32000

=2000×2120×2120×21202000

=926142000

=2315.252000

=Rs.315.25

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