Question 183
What will be the compound interest accrued on a principal of 32,500 at the rate of 5 p.c.p.a. after a period of 2 years ?
Solution
Amount under CI after t years,
A=P$$(1+r/100)^{t}$$
And I=A-P
Thus A = 32500$$(1+5/100)^{2}$$
A=35831.25
I=35831.25-32500= 3331.25
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