Question

Find the sum of which #10,000 will amount in 3years at 6% per annum compound interest

Answer 1

$\huge\bold \red{Question}$

Find the sum of which #10,000 will amount in 3years at 6% per annum compound interest

$\huge\bold\pink{Answer:-}$

Before we start:-

P = Principal

R = Rate

T = Time

n = Time

A = Amount

C.I. = Compund Interest

Some Important Formulas:-

$A \: \: \: \: = P (R+ \frac{1}{100} )n$

$C.I. = A - P$

->> P = Rs. 10,000 , R = 6% , T = 3 years

• First , we have to find the Amount .

$A \: \: \: \: = P (R+ \frac{1}{100} )n$

$= 10000(6 + \frac{1}{100} )3$

$= 10000( \frac{6}{1} + \frac{1}{100} )3$

$= 10000( \frac{6 \times 100 + 1 \times 1}{1 \times 100} )3$

$= 10000( \frac{600 + 1}{100} )3$

$= 10000( \frac{601}{100} )3$

$= 10000 \times \frac{217081801}{1000000}$

$= \frac{217081801}{100}$

$= 2170818.01 \: rupees$

The amount is Rs. 2170818.01 .

• After finding the amount , now we have to find the Compound Interest .

$C.I. = A - P$

$2170818.01 - 10000$

$2160818.01 \: rupees$

The Compound Interest is 2160818.01 rupees .

Therefore , the Compound Interest Compounded annually at the rate of 6% for 3 years is Rs. 2160818.01 .