Question

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Vaibhav obtains a loan of Rs 64000 against his fixed price deposits. If the rate of interest be 2.5 paise per rupee per annum, Calculate the compound interest layable after 3 years​

Answer 1

Hello mate!!

Solution:

Here,

P = Rs 64000

n = 3 years

R = 2.5% p.a

Amount after 3 years

$p( {1 + \frac{r}{100} })^{3}$

$64000( {1 + \frac{2.5}{100} )}^{3}$

$64000( {1 + \frac{25}{1000} })^{3}$

$64000 \times( {1 + \frac{1}{40} })^{3}$

$64000 \times ( { \frac{41}{40} )}^{3}$

$64000 \times \frac{40}{41} \times \frac{40}{41} \times \frac{40}{41}$

$68921$

Compound Interest Payable after 3 Years = Rs 68921 - Rs 64000

= Rs 4921

Hope this helps

@adiba31❤️❤️

Answer 2

hope it helped you

Thank you