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in Compound Interest by (44.3k points)

Find the amount and the compound interest on ₹ 15625 for 3 years at 12% per annum, compounded annually.

1 Answer

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Best answer

Given:

Present value= ₹ 15625

Interest rate= 12% per annum

Time=3 years

To find the amount we have the formula,

Amount (A) = P (1+(R/100))n

Where P is present value, r is rate of interest, n is time in years.

Now substituting the values in above formula we get,

∴ A = 15625 (1 + 12/100)3

⇒ A = 15625 (112/100)3

⇒ A = 15625 (28/25)3

⇒ A = 15625 (21952/15625)

⇒ A = ₹ 21925

∴ Compound interest = A – P

= 21925 – 15625 = ₹ 6327

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