Question

on what sum will the compound interest at 15/2 % per annum for 3 years compounded annually be rupees 310 1.40?

Answer 1

Note: ∧ means raise to power.

Formula for Compound Interest:

Interest = Principal (1 + r/100)∧T - Principal

3101.40 = Principal (1 + 7.5/100)∧3 - Principal

3101.40 = Principal (1.242296875) - Principal

Principal = 3101.40 / 0.242296875

Principal = 12800

So, if someone invests 12800 for 3 years at 7.5% (15/2 %) compounded annually, he/she will receive 3101.40 as interest after 3 years.

Answer 2

Answer:

Step-by-step explanation: