find the compound interest on rs.10000 for 3 yrs at 8%p.a componded anually
Answers
Correct option is
B
3310
Given:
Present value =₹ 10000
Interest rate =10% per annum
Time =3 years
To find the amount we have the formula,
Amount (A)=P(1+(r/100))
n
where P is present value, r is rate of interest, n is time in years
Now substituting the values in above formula we get,
∴A=10000(1+10/100)
3
⇒A=10000(11/10)
3
⇒A=121(10)(11)
⇒A=1331(10)
⇒A=₹ 13310
∴ Compound interest =A–P
=13310–10000= ₹3310
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Step-by-step explanation:
S O L U T I O N :
Principal, (P) = Rs.10000
Rate, (R) = 8% p .a
Time, (n) = 3 years.
As we know that formula of the compounded annually;
R
Amount= principle(1+ ----------) n
100
A/q
R
Amount= principle(1+ ----------) n
100
8
Amount = 10000( 1+-----------)3
100
amount= 10000(800/100)3
=10000(800/100)(800/100)(800/100)
=10000X512000000/1000000
=0.00000512
Now, as we know that compound Interest;
→ C.I. = Amount - Principal
→ C.I. = Rs.0.00000512 - Rs.10000
→ C.I. = Rs.-9999
Thus,
The compound Interest will be Rs.-9999