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03-11-2022
Mathematics

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2705 is compound annually at a rate of 8% for 1 year

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CidA128316 CidA128316

03-11-2022

The formula of compound interest is,

[tex]\begin{gathered} A=P(1+i)^n \\ \text{Here, A=2075, i=8\%, n=1 year} \\ 2075=P(1+\frac{8}{100})^1 \\ P=1921.3 \end{gathered}[/tex]

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