Find the compound interest amount on 24,000 for 3 years at 5 percent p.a. compounded anually
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Answered by
1
Answer:
3783
Step-by-step explanation:
P=24000Rs
n=3 because due to semi-annually 3×
2
1
months are there
r=10% but for
2
1
years r=
2
10
=5%.
Amount =P(1+
100
r
)
n
=24000(1+0.05)
3
=24000×1.05×1.05×1.05
Amount =27783
CI=27783−24000
CI=3783
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