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Kataxe Kataxe Jan 15, 2021

Rohit deposited ₹1250 in his saving bank account. Find the compound interest earned by him after 3 years add the rate of 5% per annum?

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It is given that the Ramesh deposits ₹1250 in bank for 3 years at 5% per annum.

  • So Principal (P)=₹1250
  • Time(T)=3 years
  • Rate(R)=5%

We can simply find the Compound interest by putting the values in the formula of Amount and then subtract Principal amount from the amount he get from bank.

Let's do it.

Formula to find Amount is:

It means bank give Ramesh ₹1488.77

Now formula to find compound Interest is:

So Compound interest for 3 years on a sum of money ₹1250 at rate 5% is 238.77.

Where P is principal amount, R is rate of interest and T is the Time for which money is deposited.

Zlata Zlata
Jan 15, 2021
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