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Question 143
What is the compound interest accrued on an amount of Rs. 12,000/- at the rate of 10 p.c.p.a. at the end of 3 Years?
Solution
Total amount under compound interest
= $$12000 (1 + \frac{10}{100})^3$$
= $$12000 \times 1.1 \times 1.1 \times 1.1$$
= $$15972$$
$$\therefore$$ Compound Interest = 15972 - 12000
= Rs. 3,972
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