Calculate the amount and compound interest on 6,000 in 3 years at 5% per year.
Answers
The amount is Rs.6945.75 and the compound interest is Rs.945.75 .
Step-by-step explanation:
Given information:
Principal = Rs. 6000
Time = 3 years
Rate of interest = 5% = 0.05
The formula for amount:
where, P is principal, r is rate of interest, t is number of years and n is number of times interest compounded in a year.
Substitute P=6000, t=3, r=0.05 and n=1 in the above formula.
Formula for compound interest is
Therefore, the amount is Rs.6945.75 and the compound interest is Rs.945.75 .
#Learn more
Calculate the amount and compound interest for Rs 8000 for 2 years at 12½% per annum compounded annually.
Answer: Amount is 6945.75 (₹)
CI = 945.75
Step-by-step explanation:
P = 6000
T = 3 years
R = 5%
A = 6000(1 + 5/100)^3
6000 * 9261/ 8000 = 6,945.75 (₹)
CI = A - P = 6945.75 - 6000 = 945.75 (₹)
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