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Simple Interest

You will depo...

Question

You will deposit the amount of INR $10, 000$ every year for the period of $4$ years and the interest rate of $16$ %. What will be future value of deposited amount?

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Solution

$T = 4$ , $R = 6 %$ , $P = 10000$
we know that,
$S I = \frac{P R T}{100} = \frac{10000 \times 4 \times \times 16}{100}$
$S I = 6400$
$A = 10000 + 6400 = 16400$ (future value)

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