Question

Calculate the compound interest on 16000 in 3 years for 12% interest​

Answer 1

Answer:

1st year -12%of 16000+16000=17920

2nd year-12%of 17920+17920=20070.4

3rd year-12%of 20070.4+20070.4=22478.848

Answer 2

Answer:

★The compound interest = 6478.848★

Given:

• P = ₹ 16000
• R = 12 %
• T = 3 years

Find:

• Compund interest

$\mathfrak{\underline{Solution :-}}$

Here we have to use the formula of calculating compound interest using time , rate of intetest , principal amount

⚕Formula to be used :-

$\boxed{\sf{C.I. = P\left(1 + \dfrac{R}{100}\right)^T - P}}$

➫Putting all the values ,

→ $\sf{C.I. = 16000 \left(1 + \dfrac{12}{100}\right)^3 - 16000}$

→ $\sf{C.I. = 16000 \left(\dfrac{112}{100} \right)^3 - 16000}$

→ $\sf{C.I. = 16000 \times \dfrac{112}{100} \times \dfrac{112}{100} \times \dfrac{112}{100} - 16000}$

→ $\sf{C.I. = 22,478.848 - 16000}$

→ $\sf{C.I. = 6478.848}$

•°•The compound interest is ₹ 6478.848