Question

Ridhima deposited 3600 in a bank that gives compound interest at 10% per annum. How much money will Ridhima get back after 3 years. Also find the compound interest.​

Answer 1

Given,

• Principal amount (P) = Rs 3600

• Rate of interest (r) = 10

• Time (n) = 3 years

We know the equation:

$\boxed{\sf{Total \ amount=P(1+\dfrac{r}{100})^n}}$

$\sf{\implies Total \ amount=3600(1+\dfrac{10}{100})^3}$

$\sf{\implies Total \ amount=3600(\dfrac{100+10}{100})^3}$

$\sf{\implies Total \ amount=3600(\dfrac{110}{100})^3}$

$\sf{\implies Total \ amount=3600(\dfrac{1331000}{1000000})}$

$\sf{\implies Total \ amount=\dfrac{3600\times 1331000}{1000000}}$

$\sf{\implies Total \ amount=\dfrac{36\times 1331}{10}}$

$\sf{\implies Total \ amount=\dfrac{47916}{10}}$

$\sf{\implies Total \ amount=Rs \ 4791.6}$

$\boxed{\sf{\therefore Total \ amount=Rs \ 4791.6}}$

________________________

We know the equation:

$\boxed{\sf{Compound \ Interest =Total \ amount - Principal \ amount}}$

$\sf{\implies Compound \ Interest =4791.6-3600}$

$\sf{\implies Compound \ Interest =Rs \ 1191.6}$

$\boxed{\sf{\therefore Compound \ Interest =Rs \ 1191.6}}$