SOLUTION: Principal amount is Rs.72000 and intrest is 12% and time period is 72 months take out compound intrest

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Question 729586: Principal amount is Rs.72000 and intrest is 12% and time period is 72 months take out compound intrest
Found 2 solutions by lynnlo, ikleyn:
Answer by lynnlo(4176) About Me  (Show Source):
Answer by ikleyn(53427) About Me  (Show Source):
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Principal amount is Rs.72000 and interest is 12% and time period is 72 months take out compound interest
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The compounding period is not given in the problem, which proves that the problem was created 
by an amateur - not a professional Math writer.


I will assume that compounding is made monthly.


The future value is

    FV = 72000%2A%281%2B0.12%2F12%29%5E72 = 147391.15  dollars.


The interest is the difference  147391.15 - 72000 = 77,391.15 dollars.    ANSWER

Solved.