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

Given :-

• A sum of Rs 24,000 for 3 years at the rate of 5%per annum when the interest is compounded annually

To find :-

• Compound interest

Solution :-

• Principal (P) = Rs.24000
• Time (T) = 3 years
• Rate of interest (R) = 5 %

As we know that

→ A = P(1 + R/100)ⁿ

→ A = 24000(1 + 5/100)³

→ A = 24000(1 + 1/20)³

→ A = 24000(20 + 1/20)³

→ A = 24000 × 21/20 × 21/20 × 21/20

→ A = 1200 × 21 × 21/20 × 21/20

→ A = 60 × 21 × 21 × 21/20

→ A = 3 × 21 × 21 × 21

→ A = Rs.27,783

Hence,

• Amount = Rs.27783

Now,

→ Compound Interest = Amount - Principal

→ C.I = 27783 - 27000

→ C.I = Rs.783

Therefore,

• Compound interest = Rs.783

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.

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