Question
Calculate the amount and cornpound interest for the following, when cornpounded annually:
Rs 25,000 for 3 years at 8 % p.a.
Rs 25,000 for 3 years at 8 % p.a.
✓
Answer
Rs 25,000 for 3 years at $8 \%$ p.a.
$P=R s 25,000 ; t=3$ years; $r=8 \%$ p.a.
$ A = P \left(1+\frac{ r }{100}\right)^{ n } $
$ A=\operatorname{Rs} 25000\left(1+\frac{8}{100}\right)^3 $
$ =\text { Rs } 25,000 \times 1.08 \times 1.08 \times 1.08 $
$ =\text { Rs } 31,492.80 $
C.I $= A - P$
$ =\operatorname{Rs}(31,492.80-25,000) $
$ =\text { Rs 6,492.80 } $
Hence, Amount $=$ Rs 31,492.80 and C.I. $=$ Rs 6,492.80
$P=R s 25,000 ; t=3$ years; $r=8 \%$ p.a.
$ A = P \left(1+\frac{ r }{100}\right)^{ n } $
$ A=\operatorname{Rs} 25000\left(1+\frac{8}{100}\right)^3 $
$ =\text { Rs } 25,000 \times 1.08 \times 1.08 \times 1.08 $
$ =\text { Rs } 31,492.80 $
C.I $= A - P$
$ =\operatorname{Rs}(31,492.80-25,000) $
$ =\text { Rs 6,492.80 } $
Hence, Amount $=$ Rs 31,492.80 and C.I. $=$ Rs 6,492.80
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