Find the amount of Rs.4000 for 3 years compounded annually, the rate of interest being 5% for the first 2 years and 10% for the next one year
Question
Solution 1
To find the compound interest, we need to apply the formula:
A = P (1 + r/n)^(nt)
Where: A = the amount of money accumulated after n years, including interest. P = principal amount (the initial amount of money) r = annual interest rate (in decimal) n = number of times that interest is compounded p Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
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Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
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