find the compound interest on rs 40960 at 61/4per annum for 3years
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Answer:
₹21,741.57
Step-by-step explanation:
Principal = P = ₹40960
Rate of interest = R = 61/4 % p.a.
Time = t = 3 years
Compound Interest = C.I. = ?
C.I. = A - P
Amount = A = P( 1 + R/100)^n
A = 40960(1 + 61/400)³
= 40960(461/400)³
= 40960(1.1525)³
= 40960(1.5308)
A = ₹62,701.57
C.I. = 62,701.57 - 40960
C.I. = ₹21,741.57
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