Question

calculate the amount and the compound interest on rupees 9450 for 3 years at 6.66 % per annum reckoned annually​

Answer 1

$\textbf{Given:}$

$\text{Principal, P=Rs.9450}$

$\text{Number of years, n=3}$

$\text{Rate of Interest=6.66 \% }$

$\textbf{To find: Compound interest}$

$\text{By using compund interest formula}$

$\textbf{Comound interest= \bf\,P(1+\frac{r}{100})^n-P }$

$=9450(1+\frac{6.66}{100})^3-9450$

$=9450(1+\frac{20}{3{\times}100})^3-9450$

$=9450(1+\frac{1}{3{\times}5})^3-9450$

$=9450(1+\frac{1}{15})^3-9450$

$=9450(\frac{16}{15})^3-9450$

$=9450{\times}\frac{16}{15}{\times}\frac{16}{15}{\times}\frac{16}{15}-9450$

$=42{\times}\frac{16{\times}16{\times}16}{15}-9450$

$=11468.80-9450$

$=\text{Rs.}\;2018.80$

$\therefore\textbf{The compound for 3 years is Rs. 2018.80}$

Find more:

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Answer 2

Given:

• Principal amount = Rs. 9450
• Period = 3 years
• Rate of interest = 6.66 %

To find:

• Compound interest
• Final Amount

Solution:

• If A = Final amount ; P = Principal amount; i = Rate of interest ; n = Period  
• Formula for calculating Final amount after compound interest is,
• $A = P * (1+i)^n$  
• A = 9450 * (1+0.0666)³
• A = 9450 * (1.0666)³
• A = 9450 * 1.2134
• Amount = 11466.63 Rs
• Interest = Final Amount - Principal Amount
• Interest = 11466.63 - 9450
• Interest = 2016.63

Answer:

Final Amount = Rs 11466.63

Interest = Rs. 2016.63