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Question
Calculate the Amount and Cornpound Interest for the Following, when Cornpounded Annually:
Rs 12,000 for 3 years at 15 % p.a.
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Solution
Rs 12,000 for 3 years at 15 % p.a.
P = Rs 12,000; t=3 years; r=15 % p.a.
`"A" = "P" (1 + "r"/100)^"n"`
A = Rs 12000 `(1 + 15/100)`
= Rs 12000 × 1.15 × 1.15 × 1.15
= Rs 18250.50
C.l.= A - P
= Rs (18, 250.50 - 12, 000)
= Rs 6,250.50
Hence. Amount = Rs 18.250.50 and C.I. = Rs 6.250.50
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