Question

Lalit gets a loan of 64000 against his fixed deposits. If the rate of interest be 2.5 paise per rupee per
annum, calculate the compound interest payable after 3 years.
​

Answer 1

Step-by-step explanation:

Here,

P= Rs 64000, n=3 years and R=2.5 paise per rupee per annum.

=0.025 rupees per rupees per annum

=0.025×100 rupees per annum

=2.5% per annum

So, amount after three years =P(1+2.5/100)^3

=Rs68921

Hence, C.I. payable after 3 years= Rs68921-Rs64000=Rs4921