Question

3. Find the amount of Rs 10000 for 3 years at 10% per annum compound interest 4. Chinky borrowed a sum of Rs 2000 from a Nationalised Bank to purchase a machine. If the rate of interest is 50% per annummonlate the​

Answer 1

Correct option is

D

Rs.993

solution:

A=P(1+

n

r

)

nt

r= interest rate

n= number of times interest applied per time period

t= number of time periods elapsed

A=3000(1+

100

10

)

3

A=3000×(1.331)

A=3993

A=3000+993

here 993 is the compound interest on Rs.3000