Question

Abhay lent Rs 8000 to his friend for 3 years at the rate of 5% per annum compound interest. What amount does Abhay get after 3 years​

Answer 1

Answer:

rupees 9261

Step-by-step explanation:

principal - 8000

time -3 years

rate - 5%

formula of compound interest :-

amount =principal (1+R/100) TIME

8000 (1+ 5/100) 3

LCM OF 100 and 1 is 100

8000 (100 +5/100)3

8000(105/100)3

cut of 105/100 gives 21/20

8000(21/20)3

you have to multiply the vale in bracket the number of time (supposed if times is 2 you hat to muptiply the value 2 time

8000 × 21/20 × 21/20 × 21/2

cut of the values to the least number as possible

Amount = 9261

Answer 2

The amount received by Abhay after 3 years is Rs 9,261.

Given,

Principal Amount = Rs 8,000

Time Period = 3 years

Rate of interest = 5% per annum

To Find,

The amount received by Abhay after 3 years

Solution,

Compound Interest is given by the formula -

CI = $P(1+\frac{R}{100} )^T$

where P → Principal Amount = Rs 8,000

R → Rate of interest = 5% per annum

T → Time Period = 3 years

CI = 8000 * (1 + $\frac{5}{100}$)³

CI = 8000 * (1 + 0.05)³

CI = 8000 * (1.05)³

CI = 8000 * 1.158

CI = 9261

Thus, the amount received is Rs 9,261.

#SPJ2