Question

ridhima deposited rupees 46000 in a bank that gives compound interest at 8.5% per annum.how much money will ridhima get back after 3 years.also find the compound interest.

Answer 1

A = p(1 + r)ⁿ

Write the interest rate in decimal

r = 8.5% = 0.085

Find the amount after 3 years:

A = 46000 ( 1 + 0.085)³

A = Rs 58,755.30

Find the interest:

Interest = 58,755.30 - 46000 = Rs 12755.30

Answer: Ridhima will get back Rs 58,755.30 after 3 years and the compound interest is Rs 12755.30.

Answer 2

Given principal P = 46000, R = 8.5%, n = 3 years.

We know that A = P(1 + r/100)^n

= > A = 46000(1 + 8.5/100)^3

= > A = 46000(1 + 0.085)^3

= > A = 46000(1.085)^3

= > A = 46000 * 1.27728

= > A = 58755.2.

We know that compound interest = Amount - Principal.

= > 58755.2 - 46000

= > 12755.2.

Hope it helps!