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Yandamuri Nagalakshmi

· started a discussion

· 1 Months ago

Formula (Question:122550.0)

What is the formula of compound interest

Question:
What would be the compound interest accrued on an amount of Rs.8,400 at the rate of 12.5 % per anum at the end of 3 years? (rounded off to two digits after decimal)
Options:
A) Rs.4205.62
B) Rs.2584.16
C) Rs.3560.16
D) Rs.3820.14
E) None of these
Solution:

8400 × \(\cfrac{112.5}{100 }\) × \(\cfrac{112.5}{100 }\) × \(\cfrac{112.5}{100 }\) – 8400

= 11960.16 – 8400

= Rs.3560.16 


Knowledge Expert

· commented

· 1 Months ago

Dear student
Formula of CI = P (1+r/100)^t - P

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