Question

find the compound interest of rs 24000 for 3 year at 5% pa compound annually​

Answer 1

Solution :

$\underline{\bf{Given\::}}$

• Principal, (P) = Rs.24000
• Rate, (R) = 5%
• Time, (n) = 3 years

$\underline{\bf{Explanation\::}}$

As we know that formula of the compounded annually;

$\boxed{\bf{Amount=Principal\bigg(1+\frac{R}{100} \bigg)^{2n}}}$

A/q

$\mapsto\tt{Amount=24000\bigg(1+\cancel{\dfrac{5}{100}} \bigg)^{3}}$

$\mapsto\tt{Amount=24000\bigg(1+\dfrac{1}{20} \bigg)^{3}}$

$\mapsto\tt{Amount=24000\bigg(\dfrac{20+1}{20} \bigg)^{3}}$

$\mapsto\tt{Amount=24000\bigg(\dfrac{21}{20} \bigg)^{3}}$

$\mapsto\tt{Amount=24000\times \dfrac{21}{20} \times \dfrac{21}{20} \times \dfrac{21}{20}}$

$\mapsto\tt{Amount=\cancel{24000} \times \dfrac{9261}{\cancel{8000} }}$

$\mapsto\tt{Amount= Rs.(3\times 9261)}$

$\mapsto\bf{Amount=Rs.27783}$

Now, as we know that compound Interest;

→ C.I. = Amount - Principal

→ C.I. = Rs.27783 - Rs.24000

→ C.I. = Rs.3783

Thus;

The compound Interest will be Rs.3783 .

Option (b)