Question

3. Find the amount and compound interest on a sum of 15625 at 4% per annum for 3 years compounded annually.​



Explain with solution

Answer 1

Answer:

Rs 17576

Step-by-step explanation:

Given

Principle (P) = Rs 15625

rate of interest (r) = 4 %

time (n) = 3 years

We know that

Amount (A) = P (1 + r/100)^n

                   = 15625 (1 + 4/100)³

                   = 15625 (26/25)³

                   = 15625 (17576/15625)

                   = Rs 17576

C.I = Amount - Principle

     = Rs 17576 - Rs 15625

     = Rs 1951

Compound interest = Rs 1951

Amount = Rs 17576

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Answer 2

Answer:

Present value = Rs.15625

Interest rate = 12% per annum

Time = 3 years

Amount (A) = P (1 + R/100)n [Where, P = Present value

R = Annual interest rate

n = Time in years]

∴ A = 15625 (1 + 12/100)3

⇒ A = 15625 (112/100)3

⇒ A = 15625 (28/25)3

⇒ A = 15625 × 21952/15625

⇒ A = 21952

∴ Amount = Rs.21952

∴ Compound interest = Rs.(21952 – 15625)

= Rs.6327