What sum of money amounts Rs.3250 in 6 yrs at the rate of 5%?
2 answers:
Answer:
I = 975
Step-by-step explanation:
Formula for simple interest is
I = PRT
Where P is the principal, r is the annual interest rate, and t is the loan period expressed in years.
p = 3250, r = 5% and t = 6yrs
I = 3250 × 5 × 6/100
I = 97500/100
I = 975
Hope this helps
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➷ Find the multiplier:
5% ==> 1.05
Use the formula:
final = original x multiplier^n
n is the number of years
Substitute in the values:
final = 3250 x 1.05^6
solve:
final = 4355.310832
The answer is Rs. 4355.31
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