Question

find amount and compound interest on ₹10,000 for 3 years at 11% p. a compound annually​

Answer 1

Step-by-step explanation:

Given:

Present value =₹ 10000

Interest rate =10% per annum

Time =3 years

To find the amount we have the formula,

Amount (A)=P(1+(r/100))

n

where P is present value, r is rate of interest, n is time in years

Now substituting the values in above formula we get,

∴A=10000(1+10/100)

3

⇒A=10000(11/10)

3

⇒A=121(10)(11)

⇒A=1331(10)

⇒A=₹ 13310

∴ Compound interest =A–P

=13310–10000=₹ 3310

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Answer 2

Question

find amount and compound interest on ₹10,000 for 3 years at 11% p. a compound annually

Solution

Given:

Present value= ₹ 10000

Interest rate= 11% per annum

Time=3 years

To find the amount we have the formula,

Amount (A) = P (1+(R/100))n

Where P is present value, r is rate of interest, n is time in years.

Now substituting the values in above formula we get,

∴ A = 10000 (1 + 11/100)3

⇒ A = 10000 (111/100)3

⇒ A = 10000 (111/100) (111/100) (111/100 )

⇒ A = 111 × 111 x 111

⇒ A = ₹ 1,367,631

∴ Compound interest = A – P

=1,367,631– 10000= ₹ 1,357,631

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