Question

amar deposited Rs. 250000in a bank at a rate of 8 p.c.p.a. for 3 years. What is the total Interst he received at the end of the period?

Answer 1

Answer:

₹ 64,928

Step-by-step explanation:

Principal amount = 250000

Time period = 3 years

Rate of interest = 8% P.A (compound interest)

Amount =  p  $[ 1 + r/100] ^{n}$

             = 250000 [ 1 + 8/100] ³

             = 250000 [1.08]³

             = 250000 * 1.2597

             = 314928

Amount = Principle + Compound interest

Compound interest = 314928 - 250000

 Compound interest = 64928