Question

find the compound interest when it is compounded annually p=8000;r=5% p.a.;n=3 years

Answer 1

This is the answer .
Please tell me if this is correct .

Answer 2

GiveN :-

• Principal is ₹ 16,000
• Rate of Interst is 10% .
• Time is 3 yrs .

To FinD:-

• The Compound Interest if it is compounded annually.

AnsweR:-

We know the formula to find Amount of Compound Interest as ;

$\boxed{\boxed{\red{\sf Amount = P \bigg( 1 + \dfrac{R}{100}\bigg)^n }}}$

And we can find , Compound Interest by subtracting Principal from amount .

$\boxed{\boxed{\red{\sf Compound\:Interest = P \bigg( 1 + \dfrac{R}{100}\bigg)^n- P }}}$

Calculating Compound Internet :-

⇒ CI = P ( 1 + R/100 )ⁿ - P

⇒ CI = ₹16,000 ( 1 + 10/100 )³ - ₹16,000

⇒ CI = ₹16,000 ( 1 + 1/10 )³ - ₹16,000

⇒ CI = ₹16,000 ( 10 + 1 / 10 )³ - ₹16,000

⇒ CI = ₹16,000 ( 11/10)³ - ₹16,000

⇒ CI = ₹16,000 × 11 × 11 × 11 / 1,000 - ₹16,000

⇒ CI = ₹16 × 11 × 11 × 11 - ₹16,000

⇒ CI = ₹21,296 - ₹16,000

⇒ CI = ₹5296 .

Hence the Compound Interest is ₹ 5,296.

$\Large{\boxed{\pink{\sf Compound\:\: Interest=\:Rs\:5,296}}}$