Question
Ankit deposits a sum of money at an annual compound
interest rate of 12%. Over a period of 3 years, the interest accumulated amounts to Rs. 864. If he increases his initial investment by Rs. 800, what will be the total amount after 3 years at the same interest rate?Solution
ATQ;
Let 12% = 864
Principal = 2400
Interest on 800 = 12 × 8 = 96
Total = (864 + 96) + 2400 + 800 = 4160
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