Question

find the amount and the compound interest on Rs 20000 for 3 years at 10% P.a.

Answer 1

Principal = P = 20000
Rate = R = 10 %
Number of years = N = 3

Amount = P (1 + R/100 ) ^N
Amount = 20000 (1 + 10/100) ^ 3
Amount = 20000 (1+1/10) ^ 3
Amount = 20000 ( 11/10)^3
Amount = 20000 (1331/1000)
Amount = (20000 × 1331 ) ÷ 1000
Amount = 26620000 ÷ 1000
Amount = 26620

Hope it helps !! ;-)