Question

3. A school borrows an amount of 100,000
from a bank to construct a Mathematics
laboratory. The loan is taken on compound
interest, compounded annually, at the rate of ​

Answer 1

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A high school borrows an amount of 100000 from a bank to construct a Mathematics laboratory the loan is taken on compound interest compound annually at the rate of 8% per annum find the amount paid back at the end of 3 years.

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C.I = Amount - Principal

Amount = 100000(1+2/25)^3

=100000×27/25×27/25×27/25

=6.4×27×27×27

=125971.2

C.I = 125971.2 - 100000 = 25971.2

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