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Question 147

What is the compound interest accrued on an amount of Rs. 15,000, at the rate of 11. p.c.p.a. at the end of 3 years ?

Total amount under compound interest

= $$15000 (1 + \frac{11}{100})^3$$

= $$15000 \times 1.11 \times 1.11 \times 1.11$$

= $$20514.465$$

$$\therefore$$ Compound Interest = 20514.465 - 15000

= Rs. 5,514.465

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