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 ?
Solution
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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