Question

Find the final amount obtained, on Rs 15000 for 3 years, when compounded annually at 10 % p.a.

Answer 1

Answer:

Principal- 15000

rate- 10%

time-3 years

amount= principal(1+rate/100)^time

A= 15000(1+10/100)^3 A=15000(100+10/100)^3

A=15000(110/100)^3

A=15000(11/10)^3

A=15000*1331/1000

A=15*1331

A=Rs.19965

Compound Interest- Amount-Prncipal= 19965-15000

RS.4965

the loan will amount to Rs.19965

Answer 2

Answer

Simple Interest I=  

100

PNR

Here for first year,

P=Rs.15,000

N=1 year

R=6 %

So, Interest at the end of 1st year I=  

100

15,000×1×6

​=Rs.900

And for second year,

P=Rs.15,000+Rs.900=Rs.15,900

N=1 year

R=8%  

I=  

100

15,900×1×8

​=Rs.1272

And, for third year,

P=Rs.15,900+Rs.1,272=Rs.17,172

N=1 year  

R=10%  

I=  

100

17,172×1×10

​=Rs.1,717.2

So, total interest =Rs.900+Rs.1,272+Rs.1,717.2=Rs.3,889.20