Question

Ravish took 38000 from bank. Find the compound interest paid by him after 1 year, if the rate of interest is 3% per annum​

Answer 1

Answer:

1140

Step-by-step explanation:

Remember simple intrest and compound intrest will both be equal for 1st period.

So intrest will be

CI/SI/Intrest =

• 38000*3*1/100
• 114000/100
• 1140

Thus Compound intrest paid by him will be 1140.

And total amount paid will be 38000+1140 = 39140

Answer 2

✬ C.I = 1140 ✬

Step-by-step explanation:

Given:

• Principal is Rs 38000.
• Time is 1 year.
• Rate of interest is 3 % per annum.

To Find:

• What is the compound interest ?

Solution: Here we have

• P = 38000
• R = 3%
• T = 1 year
• C.I = ?

As we know that

★ Amount = P (1 + R/100)ⁿ ★

★ C.I = Amount – Principal ★

➯ Amount = 38000 (1 + 3/100)¹

➯ 38000 × (103/100)¹

➯ 38000 × 103/100

➯ 380 × 103

➯ Rs 39140

Therefore compound interest will be

• C.I = 39140 – 38000

• C.I = 1140

Hence, the compound interest paid by him after 1 year will be Rs 1140.