Question

Find the amount and compound interest on a sum of ₹8, 000 at 5% per annum for three years compound annually.explian the answer​

Answer 1

Answer:

1. Compound Interest = Rs. 1261
2. Step-by-step explanation: Given that, Principal = Rs. 8000. ...
3. Amount = = 8000(1 + 5/100)^3. = 8000(105/100)^3. = 8000 * 105/100 * 105/100 * 105/100.
4. ∵ Amount = Rs. 9261.
5. Compount Interest = Amount - Principal. = Rs. 9261 - Rs.8000. = Rs. ...

Answer 2

Step-by-step explanation:

Principal for the first year = Rs.8000, Rate = 5% per annum, T = 1 year

Interest for the first year =

P×R×T/100

=

8000×5×1/1000 = 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

=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

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