Question

I. Find the amount and compound interest on annually 6,250 in 3 years at 8 % compounded​

Answer 1

Answer:

I am doing without using formula.

Step-by-step explanation:

For the 1st year

P = 6250 rs

T=1 yr

R=8%

I=P*R*T/100

=6250*8/100

= 500rs.

A=I+P

=6750 rs

For the 2nd year

P=6750 rs

T= 1 yr

R=8%

I =P*R*T/100

=6750 *8/100

= 540 rs

A=6750+540

=7290rs

For the 3rd year

P=7290rs

T=1yr

R=8%

I=7290*8/100

=583. 2rs

A=7290 +583.2

=7873. 2rs

CI= Final amount - Original principal

=7873.2-6250

=1623.2rs

So CI=1623.2rs

and A=7,873.2 rs

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