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25 November, 10:53

The compound amount of rupees 5000 for 3 years is rupees 8500. find the compound interest.

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  1. 25 November, 10:58
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    Compound interest amount=3,500 rupees

    Step-by-step explanation:

    The compound interest amount after a given number of years can be represented by the formula below;

    Compound interest amount = A-P

    where;

    A=P (1+r/n) ^nt=Future value of investment or loan

    P=Initial value of investment or loan

    r=Annual interest rate

    n=Number of periods per unit time, t

    t=Number of years the investment is compounded

    In our case;

    A=8,500

    P=5,000

    replacing;

    Compound Interest=Total compounded amount after 3 years-Initial amount

    Compound interest = (8,500-5,000) = 3,500

    Compound interest amount=3,500 rupees
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