Question

calculate the amount and the compound interest compound interest on rupees 6000 in 3 years at 5%step by step solution ​

Answer 1

Answer:

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ErinnaAmbitious

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:

$a \: = p {(1 + \frac{r}{n} )}^{nt}$

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.

$a \: = 6000 {(1 + \frac{0.05}{1} )}^{(1) \times (3)} \\ \\ a = 6000 \times ({1.05)}^{3} \\ \\ a \: = 6945.75$

Formula for compound interest is

$ci \: = amount \: - principal \\ \\ ci \: = 6945.75 - 6000 \\ \\ ci \: = 945.75$

Therefore, the amount is Rs.6945.75 and the compound interest is Rs.945.75 .