find the amount and the compound interest on Rs. 15623 for 3 years at 12% per annum compounded annually explain by full steps
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Step-by-step explanation:
GivendataPrincipleAmount(P)=15,625
Rateofinterest(r)=12%annually
Time(n)=3year
nowformulateofcompoundinterest (C.I)=P[(1+
100
r
)
n
−1]
=15,625[(1+
100
12
)
3
−1]
=15,625[
100
112
×
100
112
×
100
112
−1]
=15,625[1.4049−1]
=15,625×0.404928
=6,327
nowcompoundinterestwillbe=6,327Rs.
&totalamountwillbe=15625+6327=21,952Rs.
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