Question

A person deposited Rs 32,000 with a company at 12.5% per annum for a period of 3 years, at compound interest annually. Find his interest after the expiry of the period.

Answer 1

Answer:

we know that,

A=P(1+

100

R

)

n

Putting the values in this formula we will get the amount

Principal is 8000

time is 3 years

rate is 3%

so,

=8000(1+

100

5

)

3

=8000×(1.05)

3

=8000×1.1576=9261

After 3 years he will get Rs9261