Question

4. Suhail deposited a sum of 8000 at compound interest in the bank at the rate of 18% per annum for
3 years. What interest will he get after the end of 3 years?​

Answer 1

Answer:

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Answer 2

Given :-

Principle amount deposited by Suhail = Rs. 8000

Annual interest rate = 18%

Time in years = 3 years

To Find :-

The interest he will get after the end of 3 years.

Solution :-

We know that,

• a = Amount
• p = Principle amount
• r = Annual interest rate
• t = Time

Using the formula,

$\underline{\boxed{\sf Amount=P \bigg( 1+\dfrac{r}{100} \bigg)^t}}$

Given that,

Principle (p) = Rs. 8000

Annual rate interest (r) = 18%

Time (t) = 3 years

Substituting their values,

⇒ a = 8000 × (1 + 18/100)³

⇒ a = 8000 × (118/100)³

⇒ a = 8000 × 1.18 × 1.18 × 1.18

⇒ a = 8000 × 1.64

⇒ a = 13120

Using the formula,

$\underline{\boxed{\sf Interest = Amount - Principal }}$

Given that,

Amount (p) = Rs. 13120

Principle (p) = Rs. 8000

Substituting their values,

⇒ 13120 - 8000

⇒ Rs. 5120

Therefore, interest he will get after the end of 3 years is Rs. 5120.