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Question

Principal=Rs 1500, rate =12%p.a, and time =3 years 3 months.Calculate the compound interest

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Solution

CaseI
P=Rs 1500 r=12% p.a t=1 year

Interest =1500×12×1100=Rs180.

A=Rs1680.

CaseII
P=Rs 1680 r=12% p.a t=1 year

Interest =1680×12×1100=Rs201.

A=Rs1881.60.

CaseIII
P=Rs 1881.60 r=12% p.a t=1 year

Interest =1881.60×12×1100=Rs225.80.

A=Rs2107.40.

CaseIV
P=Rs 2107.40 r=12% p.a t=312=14 years

Interest =2107.40×12100×14=Rs 63.22.

A=Rs 2170.62.

Compound interest is Rs 670.62

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