Question

Calculate the amount and the compound interest on: 76,000 in 3yrs at 5% pa .​

Answer 1

A=P(1+100R)T

⇒A=6000(1+1009)2

=6000×(100109)2

= 7128.6 /-

⇒ Compound interest = A-P.

= 7128.6 - 6000

= 1128.6/-

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Answer 2

Given :

Principle : ₹76000

Rate of interest : 5%

Time : 3 years

To find :

The amount. and the compound interest.

Solution :

First, we'll find the value of the amount by it's formula.

$\sf \dashrightarrow Amount = Principle \bigg( 1 + \dfrac{Rate}{100} \bigg)^{Time}$

$\sf \dashrightarrow 76000 \bigg( 1 + \dfrac{5}{100} \bigg)^{3}$

$\sf \dashrightarrow 76000 \bigg( 1 + \dfrac{1}{20} \bigg)^{3}$

$\sf \dashrightarrow 76000 \bigg( \dfrac{20 + 1}{20} \bigg)^{3}$

$\sf \dashrightarrow 76000 \bigg( \dfrac{21}{20} \bigg)^{3}$

$\sf \dashrightarrow 76000 \bigg( \dfrac{21^3}{20^3} \bigg)$

$\sf \dashrightarrow 76000 \bigg( \dfrac{9261}{8000} \bigg)$

$\sf \dashrightarrow 76 \bigg( \dfrac{9261}{8} \bigg)$

$\sf \dashrightarrow \dfrac{9261 \times 26}{8} = \dfrac{703836}{8}$

$\sf \dashrightarrow \cancel \dfrac{703836}{8} = 87979.5$

Now, we can find the compound interest by it's formula.

Compound interest :

$\sf \dashrightarrow Amount - Principle$

$\sf \dashrightarrow 87979.5 - 76000$

$\dashrightarrow$₹$\sf 11979.5$

Hence, the amount and compound interest are ₹87979.5 and ₹11979.5 respectively.