5. A man invests rs.3,000 for three years at compound interest. After one year, the money amounts to * 3,240. Find the rate of interest and the amount (to the nearest rupee) due at the end of 3 years.
Answers
Step-by-step explanation:
pls check the attachment ✨
Given:
A man invests Rs.3,000 for three years at compound interest
After one year, the money amounts to Rs. 3,240
To find:
Rate of interest and the amount up to end of the 3 years
Solution:
Given Principal amount = Rs.3,000
Time period T = 3 years
Let R be the rate of interest
Given that the money amounts to Rs.3,240 after one year
The interest for 1 year = Rs.3,000 - Rs.3,240 = Rs.240
As we know the formula for interest = PTR/100
Now find the interest for 1 year using above formula
=> I = (3000)(1)(R)/100 = 30R
We know that interest for 1 year = 240
⇒ 30R = 240
⇒ R = 8
Therefore, rate of interest R = 8%
Now calculate the total amount for 3 years at Rate of interest 8%
The formula for total amount in compound interest is given by
Amount = P(1+R/100)^T
From above values
Amount = 3000(1+8/100)³
= 3000(108/100)³
= 3000(1.08)³
= 3779.136
= 3780 [ nearest to rupee ]
Therefore,
The Rate of interest R = 8%
The total amount at end of 3 years = Rs.3780
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