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Question
Find the amount and the compound interest on the following:
Rs.8000 for 3years at 10% per annum compounded annually.
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Solution
Rs.8000 for 3years at 10% per annum compounded annually.
Here P = Rs.8000, t = 3years, r = 10%
Now, Amount
= `"P"(1 + "r"/100)^"t"`
= `8000(1 + 10/100)^3`
= `8000(11/10)^3`
= `8000 xx (1331)/(1000)`
= 10648
Hence, Amount = Rs.10648
Also, C.I.
= A - P
= Rs.10648 - Rs.8000
= Rs.2648.
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