Question

Find the compound interest on 5000 at 8% per annum for 3 years.
for 3 years.​

Answer 1

Answer:

Principal =Rs. 5000

Time =3 years

Rate =8%

Amount compounded annually

=5000⋅(1+

100

8

)

3

=5000⋅

100

108

⋅

100

108

⋅

100

108

=Rs. 6298.56

Compound interest =Rs. 6298.56−Rs. 5000

=Rs. 1298.56.

Answer 2

Correct Question:

Find the compound interest on ₹ 5000 at 8% per annum for 3 years.

Given:

• Principal = ₹5000

• Rate = 8%

• time = 3 years

To find:

• Compound interest

Solution:

For 1 st year:

Here :

• P = ₹5000
• R = 8%
• T = 1 year

we know:

$\bigstar \boxed{ \rm{}Simple \: Interest = \frac{P \times R \times T}{100} }$

By using this formula we can find value of Simple interest of 1st year

$\hookrightarrow\sf{}Simple \: Interest = \dfrac{P \times R \times T}{100}$

$\hookrightarrow\sf{}Simple \: Interest = \dfrac{5000 \times 8 \times 1}{100}$

$\hookrightarrow\sf{}Simple \: Interest = \dfrac{50\cancel0\cancel0 \times 8 \times 1}{1\cancel0\cancel0}$

$\hookrightarrow\sf{}Simple \: Interest = \dfrac{50 \times 8\times 1}{1}$

$\hookrightarrow\sf{}Simple \: Interest =50 \times 8\times 1$

$\hookrightarrow\sf{}Simple \: Interest =50 \times 8$

$\hookrightarrow\sf{}Simple \: Interest =rs. \: 400$

Now Let's find Amount of 1 year

We know:

$\bigstar \boxed{ \rm{}Amount = Simple \: Interest + P}$

By using this formula we can find value of Amount

$\hookrightarrow\sf{}Amount = Simple \: Interest + P$

$\hookrightarrow\sf{}Amount = 400 + 5000$

$\hookrightarrow\sf{}Amount =rs \: 5400$

For 2 year:

Here:

• P = 8400
• R = 8
• T = 1

we know:

$\bigstar \boxed{ \rm{}Simple \: Interest = \frac{P \times R \times T}{100} }$

By using this formula we can find value of Simple interest of 2st year

$\leadsto\sf{}Simple \: Interest = \dfrac{P \times R \times T}{100}$

$\leadsto\sf{}Simple \: Interest = \dfrac{54\cancel0\cancel0 \times 8 \times 1}{1\cancel0\cancel0}$

$\leadsto\sf{}Simple \: Interest = \dfrac{54\times 8\times 1}{1}$

$\leadsto\sf{}Simple \: Interest =54\times 8\times 1$

$\leadsto\sf{}Simple \: Interest =54\times 8$

$\leadsto\sf{}Simple \: Interest =rs \: 432$

Now Let's find Amount of 2 year

$\bigstar \boxed{ \rm{}Amount = Simple \: Interest + P}$

$\leadsto\sf{}Amount = Simple \: Interest + P$

$\leadsto\sf{}Amount = 5400+432$

$\leadsto\sf{}Amount = rs \: 5832$

For 3rd year:

Here:

• P = 5832
• R = 8%
• T = 1 years

we know:

$\bigstar \boxed{ \rm{}Simple \: Interest = \frac{P \times R \times T}{100} }$

By using this formula we can find value of Simple interest

$\dashrightarrow\sf{}Simple \: Interest = \dfrac{P \times R \times T}{100}$

$\dashrightarrow\sf{}Simple \: Interest = \dfrac{5832 \times 8 \times 1}{100}$

$\dashrightarrow\sf{}Simple \: Interest = \dfrac{5832 \times 8 }{100}$

$\dashrightarrow\sf{}Simple \: Interest = \dfrac{46656 }{100}$

$\dashrightarrow\sf{}Simple \: Interest =rs \: 466.56$

Now Let's find Amount of 3 year

$\bigstar \boxed{ \rm{}Amount = Simple \: Interest + P}$

$\dashrightarrow\sf{}Amount = Simple \: Interest + P$

$\dashrightarrow\sf{}Amount = 466.56+5832$

$\dashrightarrow\sf{}Amount = 6298.56$

Finally Let's find Compound Interest:

we know:

$\bigstar \boxed{ \rm{}Compound ~ Interest = Final ~ Amount - Principle ~ of ~ 1~ year}$

$\dashrightarrow \sf{Compound ~ Interest = 6298.56 - 5000}$

$\dashrightarrow \underline{ \boxed{\sf{Compound ~ Interest =rs \: 1298.56}}}$

$\therefore \underline{ \sf{Compound ~ Interest = \textsf{ \textbf{rs \: 1298.56}}}}$