Q13 of 89 Page 14

Anil borrowed a sum of Rs. 9600 to install a handpump in his dairy. If the rate of interest is 5% per annum compounded annually, determine the compound interest which Anil will have to pay after 3 years.

Given,


Principal = Rs. 9600


Rate of interest = 5% =


Time = 3 years


Hence,


Compound interest =


= 9600× 0.174 = Rs.1672.72


So,


Compound interest paid by Anil after 3 years = Rs.1672.72


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