Question

Altaf borrowed Rs 1,00,000 for 3 years from Hitesh at 7 percent compund interest annualy .How much money will he pay to his friend at the end of 3 years.?​​

Answer 1

$a = p {(1 + \frac{r}{100} )}^{t} \\ a = 100000 {(1 + \frac{7}{100} )}^{3} \\ a = 100000 \times \frac{ {107}^{3} }{1000000} \\ a = 122504.3$

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Answer 2

Concept:

The interest that is calculated using both the principal and the interest that has accrued during the previous period is called compound interest. It differs from simple interest in that the principal is not taken into account when determining the interest for the subsequent period with simple interest. Compound interest is commonly abbreviated C.I. in mathematics.

The majority of transactions in the banking and financial industries as well as other areas use compound interest. Some of its uses include:

population growth or decline.

the expansion of bacteria

Increase or decrease in an item's value.

CI= Amount- Principal

Amount = p(1+r/100)ⁿ

Given:

Altaf borrowed Rs 1,00,000 for 3 years from Hitesh at 7 percent compund interest annually.

Find:

How much money will he pay to his friend at the end of 3 years.?​​

Solution:

Amount = p(1+r/100)ⁿ

Amount= 1,00,000(1+7/100)³

Amount = 1,00,000 X 1.07

Amount= 1,22,504.3

Therefore, the amount to be paid to his friend is Rs 122504.3

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