Question

Find the compound interest on rupees 90000 for 3 years at the rate of 10% per annum compounded annually

Answer 1

The compound interest is Rs. 29,790

Given:

Principal = P = Rs 90000

Time = n = 3 years

Rate = r = 10% p.a.

To Find:

The amount of compound interest

Solution:

Using the formula of Compound Interest -

A = P ( 1 + r/100)^n

Substituting the values -

= 90,000 ( 1 + 10/100)³

= 90,000 (110/100)³

= 90,000 (11/10)³

= 90,000 × 11/10 × 11/10 × 11/10

= 90 × 11 × 11 × 11

= 119790

CI = A - P

= 1,19,790 - 90,000

= 29,790

Answer: The compound interest is Rs. 29,790

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Answer 2

Answer:

The compound interest is Rs. 29790.

Step-by-step explanation:

As per the data given in the question,

We have to find the value of the compound interest which will be charged on the money Rs. 90000 in 3 years, when the amount is given at the rate of interest of 10%.

As we know,

There are two types of interest are used in maths:

Simple interest and compound interest, In case of SI the interest amount throughout the years and for every years the interest amount is same, while in case of CI the interest charged on the principal varies from year to year.

From the data given in the question,

Principal (p) = Rs 90000

Rate of interest (r) = 10% per annum

Time (n) = 3 years

$Amount= p( {1 + \frac{r}{100}) }^{n} \\ = 90000( {1 + \frac{10}{100} })^{3} \\ = 90000( { \frac{100 + 10}{100}) }^{3} \\ = 90000( { \frac{110}{100}) }^{3} \\ = 119790$

Compound Interest = Amount - Principal

= Rs. (119790 - 90000)

= Rs. 29790

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