aum borrowed rs 8000 from a co operative bank at a norminal rate of 4 1/2 % pa, how much interest will aum have to pay 3 years if the interest is compounded annually
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Answer:
Rs.1129
Step-by-step explanation:
Principal (P) = Rs.8000
Rate (R) = 4½ % = 9/2 %
Time (n) = 3 years
Amount (A) = P (1 + R/100)ⁿ
=> A = 8000 (1 + 9/200)³
=> A = 8000 (209/200)³
=> A = Rs.9129
Compound Interest = A-P = Rs.(9129-8000) = Rs.1129
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₹1129 is the right answer
hope it helps you
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