Question

Find the compound interest on a sum of Rs 24,000 for 3 years at the rate of 5%per annum when the interest is compounded annually.​

Answer 1

Answer:

the compound interest is Rs.9,327

Step-by-step explanation:

Principal=P=24,000

Rate of interest=r=15%

Time=n=2

3

1

years

Here first we take n=2years

A=P(1+

100

r

)

n

where A=Amount and n=number of years

A=24000(1+

100

15

)

2

=24000×

100

115

×

100

115

=Rs.31,740‬

The amount after 2 years is Rs31,740‬

Now principal=Rs.31,740‬

Simple interest for last

3

1

year is

100

PRT

=31,740‬×

100

15

×

3

1

= Rs.1,587‬

∴ Amount after 2

3

1

year= Rs.31740+1587= Rs.33,327

C.I =A−P

∴C.I=33,327−24,000=Rs.9,327‬

∴ the compound interest is Rs.9,327

Answer 2

Answer:

☯️ Given ☯️

➕ The compound interest on a sum of Rs 24,000 for 3 years at the rate of interest of 5% per annum when the interest is compounded annually.

☯️ To Find ☯️

➕ What is the compound interest.

☯️ Formula ☯️

✴️ $\sf{ A = P(1+ \dfrac{r}{100})^{n}}$ ✴️

☯️ Solution ☯️

Given :-

Principal (P) = Rs 24,000

Rate of interest (r%) = 5%

Time (n) = 3 years

➡️ According to the question ,

=> $\sf{ A = 24000(1+ \dfrac{5}{100})^{3}}$

=> $\sf{ A = 24000(1+ \dfrac{1}{20})^{3}}$

=> $\sf{ A = 24000(1+ \dfrac{1}{20})^{3}}$

=> A = 24000 × $\dfrac{21}{20}$ × $\dfrac{21}{20}$ × $\dfrac{21}{20}$

=> A = 3 × 21 × 21 × 21

$\implies$ A = Rs 27,783

Again, we know that,

$\red\bigstar$ Compound Interest = Amount - Principal $\red\bigstar$

=> C.I = 27783 - 27000

$\implies$ C.I = Rs 783

$\therefore$ The compound interest will be Rs 783.