Question

Find Compound Interest on Rs. 8000/ for 3 years if rate of interest is 7%
please give me the answer.....​

Answer 1

Answer :

The compound interest is Rs. 1800.34

Step-by-step explanation :-

To Find,

• Compound interest

Solution,

Given that,

• Principal = Rs. 8000
• Time = 3 years
• Rate = 7%

Therefore, Compound Interest is,

$\sf{Interest \: for \: first \: year = \dfrac{P \times R \times T}{100}} \\ \\ \\ \sf{ \mapsto \: \dfrac{8000 \times 7 \times 1}{100}} \\ \\ \\ \sf{ \mapsto \: \dfrac{56000}{100}} \\ \\ \\ \sf{ \mapsto \: 560} \\ \\ \\ \sf{Amount \: at \: the \: end \: of \: first \: year = 8000 + 560} \\ \\ \\ \sf{ \mapsto \: 8560}$

$\sf{Interest \: for \: second \: year = \dfrac{P \times R \times T}{100}} \\ \\ \\ \sf{ \mapsto \: \dfrac{8560 \times 7 \times 1}{100}} \\ \\ \\ \sf{ \mapsto \: \dfrac{59920}{100}} \\ \\ \\ \sf{ \mapsto \: 599.2} \\ \\ \\ \sf{Amount \: at \: the \: end \: of \: second \: year = 8560 + 599.2} \\ \\ \\ \sf{ \mapsto \: 9159.2}$

$\sf{Interest \: for \: third \: year = \dfrac{P \times R \times T}{100}} \\ \\ \\ \sf{ \mapsto \: \dfrac{9159.2 \times 7 \times 1}{100}} \\ \\ \\ \sf{ \mapsto \: \dfrac{64114.44}{100}} \\ \\ \\ \sf{ \mapsto \: 641.144} \\ \\ \\ \sf{Amount \: at \: the \: end \: of \: third \: year = 9159.2 + 641.144} \\ \\ \\ \sf{ \mapsto \: 9800.344}$

As we know that,

Compound interest = Amount - Principal

$\sf{ \mapsto \: 9800.344 - 8000} \\ \\ \\ \sf{ \mapsto \: 1800.344}$

The compound interest is 1800.344