SOLUTION: Mr. Ali take a loan of Rs. 1000000 from BALH. Bank charge compound interest at the rate of 10% for 6 years. Calculate interest value?

SOLUTION: Mr. Ali take a loan of Rs. 1000000 from BALH. Bank charge compound interest at the rate of 10% for 6 years. Calculate interest value?

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Question 1083801: Mr. Ali take a loan of Rs. 1000000 from BALH. Bank charge compound interest at the rate of 10% for 6 years. Calculate interest value?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
Assuming compounded annually P=1000000(1+0.06)^6
1.06^6=1.4185
Rs. 1,418,519.11
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