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Question
The compound interest on a sum of Rs P for T years at R% per annum compounded annually is given by the formula `P(1 + R/100)`.
Options
True
False
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Solution
This statement is False.
Explanation:
The compound interest on a sum of ₹ P for T years at R% per annum compounded annually is given by the formula,
Compound interest = A – P
Where, `A = P(1 + R/100)^T`
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