find the compounds interest on 264600
for 3 years at the nate of 10% per annum
compounded annally
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Answer:
Principal (P)=Rs.4000
Rate of Interest (r)=10%
Time =2 years and 3 months
Here, first we take n=2 years
A=P(1+
100
r
)
n
Where,
A= Amount and n= number of years
⇒A=4000(
10
11
)
2
⇒A=4000×
100
121
⇒A=Rs.4840
The Amount after two years =Rs.4840
Now,
Principal =Rs.4840
Simple interest for last 3 month, i.e.,
4
1
year =
100
PRT
=
100
4840×10×
4
1
=Rs.121
Therefore,
Amount after 2 years and 3 months =4840+121=Rs.4961
Therefore,
C.I.=A−P
⇒C.I.=4961−4000=Rs.961
Hence the compound interest is Rs.961.
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