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Question
Calculate the amount and the compound interest on Rs. 10,000 in 3 years at 8% per annum.
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Solution
Given:
- Principal (P) = Rs. 10,000,
- Rate (R) = 8% per annum,
- Time (T) = 3 years.
`A=P(1+R/100)^T`
`A=10000(1+8/100)^3`
= 10,000 (1.08)3
Step 1: Calculate (1.08)3
(1.08)3 = 1.08 × 1.08 × 1.08 = 1.259712.
Step 2: Calculate the amount (A)
A = 10,000 × 1.259712 = Rs. 12,597.12.
Step 3: Calculate the compound interest
CI = A − P = 12,597.12 − 10,000 = Rs. 2,597.12.
- Amount: Rs. 12,597.12,
- Compound Interest: Rs. 2,597.12.
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