Question

Calculate the amount and compound interest on 6,000 in 3 years at 5% per year.

Answer 1

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Answer 2

Question:-

Calculate the amount and compound interest on 6,000 in 3 years at 5% per year.

Required Answer:-

Given:-

• Principal amount = 6000
• Time = 3 years
• Rate of interest = 5%

To Find:-

• Amount
• Compound Interest

Solution:-

We know that:-

$\\ \underline{ \boxed{ \tt{\bold{A = P(1 + \dfrac{R}{100} ) {}^{n}}}}}$

Where,

• A = Amount
• P = Principal amount
• R = Rate of interest
• n = Number of time

Substituting the values:-

$\\ \sf{Amount = 6000 \times (1 + \dfrac{5}{100} ) {}^{3}}$

$\\ \sf{ \implies{Amount = 6000 \times (1 + 0.05) {}^{3}}}$

$\\ \sf{ \implies{Amount = 6000 \times {(1.05)}^{3}} }$

$\\ \sf{ \therefore{Amount = \bold{ \red{ 6,945.75 }}}}$

Again,

$\\ \underline{ \boxed{ \tt{\bold{C.I.= A- P}}}}$

Where,

• C.I.= Compound Interest
• P = Principal amount
• A = Amount

Substituting the values:-

$\\ \sf{Compound \: Interest = 6,945.75 - 6000}$

$\\ \sf{ \therefore{Compound \: Interest = \bold{ \red{945.75}}}}$

$\\ \underline{ \rm{Hence \: the \: Amount \: is \: \green{ 6,945.75} \: and \: Compound \: Interest \: is \: \green{945.75}}}$