Find the compound interest on ₹ 31,250 at 12% pa for 2 1/2 years
1 answer:
Answer:
42,183
Step-by-step explanation:
We will use the Continuous Compounding Interest since a regular interval was not stated.
P(t) = Pe^(rt)
We will plug in the variables to the formula
P(t) = 31250 * e^(.12 * 2.5)
We can simplify and evaluate the compound interest.
P(t) = 42183.08
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