Question

At what rate percent compound interest
will 80,000 amount to 11,06,480 in
3 years?​

Answer 1

Principal for the first year = Rs.8000, Rate = 5% per annum, T = 1 year

Interest for the first year = 100P×R×T

=Rs.[ 1008000×5×1 ]=Rs.400

∴ Amount at the end of the first year = Rs. (8000+400) = Rs. 8400

Now principal for the second year = Rs.8400

Interest for the second year = 100 P×R×T

=Rs.[ 1008400×5×1 ]=Rs.420

∴ Amount at the end of the second year = Rs. (8400 + 420) =Rs.8820

Interest for the third year = 100

P×R×T

=Rs. 1008820×5×1

=Rs.441

∴ Amount at the end of the third year = Rs.(8820 + 441) = Rs. 9261

Now we know that total C.I. = Amount - Principal = Rs. (9261 - 8000) = Rs. 1261

we can also find the C.I. as follows

Total C.I. = Interest for the first year + Interest for the second year + Interest for third year = Rs. (400 + 420 + 441) = Rs.1261

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