Question

6. Anita borrowed 7,000 from a bank for 3 years at 11% per annum compounded and the
amount she has to return to the bank at the end of 3 years.​

Answer 1

Answer:

compound interest = P(1+R/100)^n - P

= 7000(1+11/100)^3 -7000

= 7000(111/100)^3 - 7000

= 7000×1367631/100000 -7000

= 7×1367.361 -7000

= 9571.527 - 7000

= 2571.527

Total amount = 7000+2571.527

= 9571.527 rupees ans.