Question

Find out the compound interest for 10000 at 8% for 3 years​

Answer 1

Rs. 2,597

Step-by-step explanation:

We are given,

P = 10,000

R = 8%

n = 3 years

at 8% column with the row 3 years. It is 0.2597 (by ready recknors). This means Rs. 0.2597 is the interest for Rs. 1 for 3 years at 8% per anum.

Therefore compound interest for,

Rs. 10,000 = 0.2597 x 10,000

=> Rs. 2,597.

Answer 2

Given :

Principle : ₹10000

Rate of interest : 8%

Time : 3 years

To find :

The compound interest on the loan/investment.

Solution :

First, we should find the amount.

$\sf \dashrightarrow Amount = Principle \bigg( 1 + \dfrac{Rate}{100} \bigg)^{Time}$

$\sf \dashrightarrow 10000 \bigg( 1 + \dfrac{8}{100} \bigg)^{3}$

$\sf \dashrightarrow 10000 \bigg( 1 + \dfrac{2}{25} \bigg)^{3}$

$\sf \dashrightarrow 10000 \bigg( \dfrac{25 + 2}{25} \bigg)^{3}$

$\sf \dashrightarrow 10000 \bigg( \dfrac{27}{25} \bigg)^{3}$

$\sf \dashrightarrow 10000 \bigg( \dfrac{27^3}{25^3} \bigg)$

$\sf \dashrightarrow 10000 \bigg( \dfrac{19683}{15625} \bigg)$

$\sf \dashrightarrow 16 \bigg( \dfrac{19683}{25} \bigg)$

$\sf \dashrightarrow \dfrac{16 \times 19683}{25} = \dfrac{314928}{25}$

$\sf \dashrightarrow \cancel \dfrac{314928}{25} = 12597.12$

Now, we'll find the compound interest.

$\sf \dashrightarrow Amount - Principle$

$\sf \dashrightarrow 12597.12 - 10000$

$\dashrightarrow$₹$\sf 2597.12$

Hence, the compound interest is ₹2597.12.