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What will 15625 amount to in 3 years after its deposit in a bank which pays annual interest at the rate of 8% per annum, compounded annually?

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1 Answer

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To find: 

The amount after three years Given: 

(i) Principal – 15625 

(ii) Time – 3 years 

(iii) Rate – 8% per annum

Formula used:  

A = \(P \big(1+ \frac{r}{100}\big)^t\)

A = 15625 \(\big(1+ \frac{8}{100}\big)^3\)

A = \(15625 \big(\frac{108}{100}\big)^3\)

A = 19683

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