Question

Compound interest on principle of rs.1000 at 12% interest for 3 yrs is

Answer 1

404.93

given ,

principle=1000

rate =12%

time=3 years

then compound interest =p[(1+r)*(1+r)*(1+r)-1]

=1000[(1+0.12)*(1+0.12)*(1+0.12)-1]

=1000[1.40493-1]

=1000*0.404

404.93 is the compound interest