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Question
Calculate the amount and compound interest on Rs 10800 for 3 years at `12 1/2` % per annum compounded annually.
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Solution
Principal (P) = Rs 10, 800
Rate (R) =`12 1/2`% = `25/2` % (annual)
Number of years (n) = 3
Amount, A = `P(1 + R/100)^n`
= Rs `[10800(1+ 25/200)^3]`
= Rs `[10800 (225/200)^3]`
= Rs `(10800 xx 225/200 xx 225/200 xx 225/200)`
= Rs 15377.34375
= Rs 15377.34 (approximately)
C.I. = A − P = Rs (15377.34 − 10800) = Rs 4,577.34
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