Question

3. Ram borrowed a sum of 30,000 from Shyam for three years. If the rate of
interest is 6% per annum compounded annually, find the interest paid by ram to
Shyam after three years.
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Answer 1

When interest is compounded anually,

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

where p is the principal,r is the rate of interest,n=time in years

Amount=30000(1+6/100)^3

=30000(1+0.06)^3

=30000(1.06)^3

=30000×1.191

=35730 rs

So interest paid =35730-30000=5730rs

Answer 2

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