Find the amount and C.I on ₹8000 for 3yrs at 5% p.a compounded annually full explanation plz?
Answers
Answer:
Hey mate here is your ans
Amount = P(1+r/100)^n
8000( 1+5/100)^3
8000(105/100)^3
8000(21/20)^3
8000x9261/8000
Amount =9261
CI=A-P
9261-8000
CI= 1261
Find the compound interest ...
Maths
Find the compound interest on Rs 8000 for 3 year at 5% per annum
Medium
Answer
Principal for the first year = Rs.8000, Rate = 5% per annum, T = 1 year
Interest for the first year = =
100
P×R×T
=Rs.[
100
8000×5×1
]=Rs.400
∴ Amount at the end of the first year = Rs. (8000 + 400) = Rs. 8400
Now principal for the second year = Rs.8400
Interest for the second year =
100
P×R×T
=Rs.[
100
8400×5×1
]=Rs.420
∴ Amount at the end of the second year = Rs. (8400 + 420) =Rs.8820
Interest for the third year =
100
P×R×T
=Rs.
100
8820×5×1
=Rs.441
∴ Amount at the end of the third year = Rs.(8820 + 441) = Rs. 9261
Now we know that total C.I. = Amount - Principal = Rs. (9261 - 8000) = Rs. 1261
we can also find the C.I. as follows
Total C.I. = Interest for the first year + Interest for the second year + Interest for third year = Rs. (400 + 420 + 441) = Rs.1261
Hope it's help you so Mark me a brain least ❤❤