Question

calculate the amount ant the compound interest on ₹5000 for 3 years at 11% per annum​

Answer 1

Answer:

Amount after applying compound interest is Rs. $6835$.

Step-by-step explanation:

Given : Initial Principle amount = Rs. $5000$

                   Number of years = $3$

                     Rate of interest = $11$%

To find : Amount after applying compound interest

Solution :

• It is given that Initial Principle amount (P) = Rs. $5000$

                             Number of years (t) = $3$

                              Rate of interest (R) = $11$%

• We have to find the amount after applying compound interest.
• Now, we know the formula for compound interest,

       Compound Interest (C.I.) = $P(1+\frac{r}{100})^{t}$

                                             = $5000(1+\frac{11}{100})^{3}$

                                             = $5000(\frac{100+11}{100} )^{3}$

                                             = $5000(\frac{111}{100})^{3}$

                                             = $5000*1.367$

                                             = Rs. $6835$  

• ∴  Amount after applying compound interest is Rs. $6835$.