find the compound interest for the following were the interest is compounded annually . ( P= rs3000, R= 20 % per year, T= 3.25 year)
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It is given that
Principal (P) = 3125
Rate of interest for continuous = 4%,5% and 6%
Period (n) = 3 years
We know that
Amount = P(1+r/100)
n
Substituting the values
=3125(1+4/100)(1+5/100)(1+6/100)
By further calculation
=3125×26/25×21/20×53/50
= 3617.25
Here
CI=A−P
Substituting the values
=3617.25−3125
=492.25
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