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Given:
Principal = ₹ 5000
Compound rate of interest = 6% per annum
Time = 3 years
To find:
The amount after 3 years of compound interest.
Solution:
Formula for amount is:
Where, P is principal, r is rate of interest in % and t is the number of years.
Putting P=5000, r=6 and t=3, we get
On further simplification, we get
Therefore, the amount after 3 years of compound interest is 5955.08.