Question

Find the amount and compound interest on ₹12000 in 3 years at 5°/• interest being compounded annually. Using formula.

Answer 1

Step-by-step explanation:

p =₹12000

r=5% p.a.

n=3

A = P (1+r/100)^n

=12000(1+5/100)^3

=12000(1+1/20)^3

=12000(21/20)^3

=12000×9261/8000

=13891.50

Therefore Amount = ₹13891.50

Compound Interest =₹(13891.50-12000)

=₹1891.50