Lamia owns a hairdressing salon. She borrows Tk. 2500 from a bank to improve her beauty salon. She is charged 4.5% per year compound interest. She pays the money back after 3 years. Calculate the total amount Lamia must pay to the bank.
Solution
Correct Answer: Option A
CP =p(1 + r/100}r
= 2500(1+4.5/100)3
= 2500 × (1.045)³
= 2500 × 1. 14116
= 2852.92
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