Question

Ramlal borrowed a sum of rs 9600 to install a hand pump in his dairy. If the rate of interest is 5% per annum
compounded annually. Determine the interest which Ramlal will have to pay after three years?​

Answer 1

Step-by-step explanation:

ihope the answer is correct

Answer 2

Answer:

1513.2

Step by step explanation:

P = ₹9600

N = 3 years

R% =5%

C. I = P( 1+r/100) ^n - P –(using this formula)

C. I = 9600(1+5/100) ³ - 9600

= 9600(20+1 /20) ³ -9600

= 9600× 21/20 × 21/20×21/20 -9600

= 55566/5 - 9600

= 55566-48000/5

= 7566/5

= 1513.2