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Question
Compute the amount and the compound interest in the following by using the formulae when:
Principal = Rs 12800, Rate = \[7\frac{1}{2} %\], Time = 3 years
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Solution
\[\text{ Applying the rule A = P }\left( 1 + \frac{R}{100} \right)^n \text{ on the given situations, we get: }\]
\[A = 12, 800 \left( 1 + \frac{7 . 5}{100} \right)^3 \]
\[ = 12, 800 \left( 1 . 075 \right)^3 \]
= Rs 15, 901 . 40
Now,
CI = A - P
= Rs 15, 901 . 40 - Rs 12, 800
= Rs 3, 101 . 40
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