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Question

The amount of money in the account every year, when Rs10000 is deposited at compound interset at 8% per annum.

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Solution

Given Amount =Rs 10,000
interest =8%
Total amount =P(1+r)n
P is principle amount
r is the rate of interest
n is no of year
Compound interest increases depend on principle

Next year interest is interest on before year total
=10000(1+0.08)n
At the end of the first year, =1000(1.08)=10800/
Every year the amount increases at 1.08 times

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