Question

compound interest on rs 350 in 3 yrs at 4% per annum​

Answer 1

350 * (1+5/100)^3

350 * (1+1/20)^3

350 * (21/20)^3

350 * 21/20*21/20*21/20

3241350/8000

405.17

CI = 405.17-350

= 55.17

Answer 2

Given :

Principle (P) = Rs. 350

Number of years (n) = 3 years

Rate (R) = 4%

To Find :

Compound Interest on Rs. 350 at 4% per annum in 3 years

Solution :

The formula for the Compound Interest is,

Compound Interest = $P(1+\frac{R}{100} )^{n} - P$

                                = $350(1+\frac{4}{100} )^{3}$ - 350

                                = 350 × $(\frac{104}{100} )^{3}$ - 350

                                = 350 × $\frac{1124864}{1000000}$ - 350

                                = 393.70 - 350

                               = Rs. 43.70

So, compound interest will be Rs. 43.70 while the total accumulated wealth  will be Rs. 393.70 at the end of 3 years with an interest rate of 4% per annum.