Find the compound
% per annum
vearly.
Damlal borrowed a sum of 9600 to install a hand pump in his dairy. If the rate of interest is 5
compounded annualy. Determine the interest which Ramlal will have to pay after three years?
Compound Interest
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2
Answer
15,132 Rs
Step-by-step explanation:
A=P(1+R/100)N
A=96000(1+5/100)3
A=96000+21/20×21/20×21/20
A=111,132
CI=A-P
CI=111,132-96000
CI=15,132
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