Question

Find the compound interest on Rs. 5000 for 7 years at 3% per annum, compounded annually.

Answer 1

Answer:

Principal = 5000

Time = 3 years

Rate of interest = 3%

So the required compound interest

= 5000(1+3/100)^3

= 5000× (103/100)^3

= 5000 × 1.092727

= 5463.635

= 5463.64 (approx)

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Answer 2

p = Rs. 5000

time = 7 years

rate of interest = 3% per annum

$s.i = \frac{p \times r \times t}{100}$

$\implies \: \frac{5000 \times 7 \times 3}{100} \\ \\ \implies \: 50 \times 7 \times 3 \\ \\ \implies \: 50 \times 21 \\ \\ \implies \: \red{compound \: interest} = \boxed{ rs.1050}$

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