Question

Rohit deposited ₹1250 in his saving bank account. Find the compound interest earned by him after 3 years add the rate of 5% per annum?

Answer 1

$\sf \large \underbrace{ \underline{ Understanding \: the \: question}}$

It is given that the Ramesh deposits ₹1250 in bank for 3 years at 5% per annum.

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So:

• Principal (P)=₹1250
• Time(T)=3 years
• Rate(R)=5%

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We can simply find the Compound interest by putting the values in the formula of Amount and then subtract Principal amount from the amount he get from bank.

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Let's do it.

Formula to find Amount is:

$\sf \large \bigstar A=P( 1 + \frac{R }{100} ) {}^{T}$

$\sf \large : \implies \: \: A=1250(1 + \frac{5 }{100} ) {}^{3}$

$\sf \large : \implies \: \: A=1250( \frac{100 + 5 }{100} ) {}^{3}$

$\sf \large : \implies \: \: A=1250( \frac{106 }{100} ) {}^{3}$

$\sf \large : \implies \: \: A=1250 \times \frac{106 }{100} \times \frac{106}{100} \times \frac{106}{100}$

$\sf \large : \implies \: \: A = 1488.77$

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It means bank give Ramesh ₹1488.77

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Now formula to find compound Interest is:

$\sf \large★C.I=A-P$

$\sf \large : \implies \: \: C.I.=1488.77-1250$

$\sf \large : \implies \: \: C.I.=238.77$

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So Compound interest for 3 years on a sum of money ₹1250 at rate 5% is 238.77.

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$\large \sf \underbrace{ \underline{Important \: formula \: to \: know}}$

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$\sf \large \circ \: \: Formula \: of \: Simple \: interest \: is : -$

$\sf \Large \frac{P×R×T}{100}$

[Where P is principal amount, R is rate of interest and T is the Time for which money is deposited.]

Answer 2

Answer in attachment..........