Question

Anil borrowed a sum of Rs. 9600 to install a hand pump in his dairy. If the rate of interest is 5 ½ % per annum compounded annually, determine the compound interest which Anil will have to pay after 3 years.

Answer 1

Answer:

Compound Interest = A – P = Rs 11272.71 – Rs 9600 = Rs 1672.71

Step-by-step explanation:

Solution

Given details are,

Principal (p) = Rs 9600

Rate (r) = 5 ½ % = 11/2 %

Time = 3years

By using the formula,

A = P (1 + R/100) n

= 9600 (1 + 11/2×100)3

= 9600 (211/200)3

= Rs 11272.71

∴ Compound Interest = A – P = Rs 11272.71 – Rs 9600 = Rs 1672.71

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Answer 2

Answer:

Anil borrowed a sum of Rs 9600 to install a handpump in his dairy. If the rate of interest is 5

2

1

% per annum compounded annually, determine the compound interest (correct upto two decimal places) which Anil will have to pay after 3 years.

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