Question

Find the amount and compound interest on rupee 20000 at 7.5% per annum after 3 years

Answer 1

HELLO!!

ANSWER:

Amount = ₹24,845.92
Compound interest = ₹4,845.92

EXPLANATION:

GIVEN:

Principal (P) = ₹20000
Rate of interest (r) = 7.5%
Time (n) = 3years

TO FIND:

Amount and compound interest

SOLUTION:

Amount (A) = P (1 + r/100)power n

A = 20000 (1 + 7.5/100)³

A = 20000 (1 + 0.075)³

A = 20000 (1.075)³

A = 20000 (1.242296)

Amount = ₹24,845.92

Compound interest (CI) = A - P

CI = 24,845.92 - 20000

Compound interest = ₹4,845.92

HOPE IT HELPS YOU!!

Answer 2

Amount = 24845.93.

Compound interest = 4845.93.

To find:

The amount and compound interest.

Given data:

Principal (P) = 20000

Number of years (n) = 3

Rate (r) = 7.5%

Formula:

• Amount = principle + interest
• $\text{CI}=\text{P}(1+\frac{\text{r}}{100})^\text{n} - \text{P}$

Solution:

Finding the compound interest :

$\text{CI}=\text{P}(1+\frac{\text{r}}{100})^\text{n} - \text{P}$

Substituting the values we get,

$\text{CI}=\text{P}(1+\frac{\text{r}}{100})^\text{n} - \text{P}$

$\text{CI}= 20000(1+\frac{7.5}{100})^3-20000$

$\text{CI}= 20000(\frac{107.5}{100})^3-20000$

$\text{CI}= 20000({1.075})^3-20000$

CI = 20000 ×1.242296875 - 20000

CI = 20000 x 1.242296875 - 20000

Compound Interest = 4845.9375

Finding the amount :

Amount = principle + Interest

            = 20000 + 4845.9375

           = 24845.9375

Amount = 24845.9375

Therefore, the compound interest is 4845.93 and amount is 24845.93.

To solve more:

1. Find the compound interest on ₹1400 for 9 months at 12% per annum,if the interest is compounded quarterly.

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2. P= 10000 , R= 14% , T= 19/7 find compound interest ​

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