Question

Mohit invests rs 7290 at 13 1/9% rate per annum. what will be Compound intrest after 3 years? ​

Answer 1

$Given ,\: Mohit's \: investment \\= Principal (P)\\ = Rs\:7290$

$Rate \:of \: interest (R) = 13 \frac{1}{9}\% \:p.a$

$Time (T) = 3 \: years$

$Conversation \:Period (n) = 3$

$Let \: the \:amount \: after \: 3 \:years = A$

$\boxed { \pink { A = P\big( 1 + \frac{R}{100}\big)^{n} }}$

$A = 7290\big( 1 + \frac{\frac{118}{9}}{100}\big)^{3}$

$\implies A = 7290\big( 1 + \frac{59}{450}\big)^{3}\\= 7290\big( \frac{450+59}{450}\big)^{3}\\= 7290\big( \frac{509}{450}\big)^{3}\\= 7290\times \frac{509}{450} \times \frac{509}{450} \times \frac{509}{450} \\= Rs\:10549.78$

$Compound \: Interest \\= A - P \\= Rs \:10549.78 - Rs \:7290 \\= Rs \: 3259.78$

Therefore.,

$\red { Compound \: interest \: after \: 3 \:years }$

$\green { = Rs \:3259.78 }$

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Answer 2

I hope this the correct answer! The formula will be P(1+R/100)^N

P=Principal

R=Rate pf interest

N= Time duration