Question

Ram borrowed a sum of rupees 30000 from Shyam for 3 years if the rate of interest is 6% per annum compounded annually find the interest paid by Ram to Shyam after 3 years​

Answer 1

Answer:

5730 Rs.

Step-by-step explanation:

amount=P(1+r/100)^n

where P is the principal,r is the rate of interest, n=time in years

Amount=30000(1+6/100)^3

             =30000(1+0.06)^3

             =30000(1.06)^3

             =30000×1.191

             =35730 Rs.

So interest paid =35730-30000=Rs.5730

Answer 2

Answer:

Rs 5730.48

Step-by-step explanation:

interest paid

= p [(1+r/100)^t - 1]

=30000[106/100)^3 - 1 ]

{ 30000 × 0.191016 = Rs 5730.48

2nd method,

equi.rate of 2 yrs

= 6+6 +6×6/100 = 12.36%

for 3yrs = 12.36+6+ 12.36×6/100

= 19.1016 %

interest paid = 19.1016% of 30000

=Rs 5730.48