1.

Find the compound interest on a sum of Rupees 8,000 at 5% per annum for three years Compounded annualy.DON'T SPAM

Answer»

S O L U T I O N :

Given,

To Find,

  • Compound interest.

Explanation,

We know that,

C.I = [ P(1 + R/100)^t - P ]

[ Put the VALUES ]

=> C.I = [ 8000 × (1 + 5/100)³ - 8000 ]

=> C.I = [ 8000 × (105/100)³ - 8000 ]

=> C.I = [ 8000 × 105/100 × 105/100 × 105/100 - 8000 ]

=> C.I = [ 8 × 105 × 10.5 × 1.05 - 8000 ]

=> C.I = [ 9261 - 8000 ]

=> C.I = Rs. 1261

Therefore,

The compound interest is Rs. 1261.


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