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Question
Find the amount and the compound interest on Rs. 12,000 in 3 years at 5% compounded annually.
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Solution
Given : P= Rs. 12,000; n = 3 years and r = 5%
Amount = `"P"( 1 + "r"/100 )^n`
= `12000( 1 + 5/100)^3`
= `12000(21/20)^3`
= Rs. 13,891.50
C.I. = Rs. 13,891.50 - Rs. 12,000 = Rs. 1,891.50.
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