Priyanka deposited 7000 with a finance company for 3 years at an interest of 15% per annum compounded annually. What is the compound interest and the amount that priyanka gets after 3 years?
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The principal :- Rs. 7000
Time :- 3 years
Rate of interest :- 15%
The interest of first year :-
(7000×15×1) /100
= 1,050.
The interest of second year :-
(8050×15×1)/100. ( 8050 is sum of 7000 and 1050)
=1207.5
The interst of third year :-
(9257.5×15×1)/100. (9257.5 is +of1207.5&1050)
=1388.625
the interest at the end of the year :-
(1388.625+9257.5)
=10646.125.
the compound interest of three years :-
(10646.125-7000)
=3646.125
Priyanka will get 10,646.125 Rs after three years
Explanation :-
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