Question

Find the compound interest on rupees 5000 at 5% per annum for 3 years

Answer 1

$=5000 \times (1 + \frac{5}{100}) ^{3}$

$=5000 \times (1 + \frac{1}{20} ) ^{3}$

$=5000 \times \frac{21}{20} \times \frac{21}{20} \times \frac{21}{20}$

$=5 \times \frac{21}{2} \times \frac{21}{2} \times \frac{21}{2}$

$=\frac{46305}{8}$

$=5788.125$

CI = 788.125

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