Question

A sum of ₹ 16,000 is invested at 10% per annum compound interest for 3 years .Calculate

the amount at the end of the third year. (use formula)—> = (1 + % )

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Answer 1

Formula use : (For Compound Interest)

$\bf{\boxed{\bf{Compound\:Interest\:(C.I.)=A=P\bigg(1+\frac{R}{100} \bigg)^{n} }}}}$

$\purple{\begin{gathered}\mapsto\tt{A=16000\bigg(1+\dfrac{1\cancel{0}}{10\cancel{0}} \bigg)^{3} }\\\\\\\mapsto\tt{A=16000\bigg(\dfrac{10+1}{10} \bigg)^{3} }\\\\\tt{A=16000\bigg(\dfrac{11}{10} \bigg)^{3} }\\\\\tt{A=16\cancel{000}\times \dfrac{11}{1\cancel{0}} \times \dfrac{11}{1\cancel{0}} \times\dfrac{11}{1\cancel{0}}} \\\\\\\mapsto\tt{A=Rs.\big(16\times 11\times 11\times 11\big)}\\\\\\\mapsto\tt{\purple{A=Rs.21296}}\end{gathered} }$

We know that;

$\purple{\begin{gathered}\leadsto\sf{C.I.=A-P}\\\\\leadsto\sf{C.I.=Rs.21296-Rs.16000}\\\\\leadsto\sf{\purple{C.I.=Rs.5296}}\end{gathered}}$

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Answer 2

Given : A sum of ₹ 16,000 is invested at 10% per annum compound interest for 3 years

To Find : amount at the end of the third year.

Solution:

P = 16000

R = 10 % pa

n = 3  years

A  = P ( 1  + R/100)ⁿ

=> A = 16000 ( 1 + 10/100)³

=> A = 16000 ( 11/10)³

=> A = 16 * 11³

=> A =  21,296

amount at the end of the third year  = 21296 Rs

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