1. What will be the compound interest on Rs. 8000 for 3
years at 5% p.a.?
(a) Rs. 1361
(b) Rs. 1261
(c) Rs. 1260
(d) Rs. 1250
(e) None of these
plz explain in detail..
Answers
Answer:
(b) Rs. 1261
Step-by-step explanation:
Principal for the first year = Rs.8000, Rate = 5% per annum, T = 1 year
Interest for the first year =
100
P×R×T
=Rs.[
100
8000×5×1
]=Rs.400
∴ Amount at the end of the first year = Rs. (8000 + 400) = Rs. 8400
Now principal for the second year = Rs.8400
Interest for the second year =
100
P×R×T
=Rs.[
100
8400×5×1
]=Rs.420
∴ Amount at the end of the second year = Rs. (8400 + 420) =Rs.8820
Interest for the third year =
100
P×R×T
=Rs.
100
8820×5×1
=Rs.441
∴ Amount at the end of the third year = Rs.(8820 + 441) = Rs. 9261
Now we know that total C.I. = Amount - Principal = Rs. (9261 - 8000) = Rs. 1261
we can also find the C.I. as follows
Total C.I. = Interest for the first year + Interest for the second year + Interest for third year = Rs. (400 + 420 + 441) = Rs.1261
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