rohit deposited Rs.8000 with a finance company for 3 years at an interest of 15% per annum.What is the compound interest that Rohit gets after 3 years
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This is an exAmple:::::::::
Principal for the first year = Rs 3,000
Interest for the first year=Rs3,000 x 5 x \(\frac{1}{100}\) = Rs 150
Amount at the end of the first year = Rs 3,000 + Rs 150 = Rs 3,150
Principle Interest for the second year=Rs 3,150 x 5 x \(\frac{1}{100}\) = Rs 157.50
Amount at the end of the second year = Rs 3307.50
Compound interest=Rs 3,307.50 – 3,000 = Rs 307.50
This is an exAmple:::::::::
Principal for the first year = Rs 3,000
Interest for the first year=Rs3,000 x 5 x \(\frac{1}{100}\) = Rs 150
Amount at the end of the first year = Rs 3,000 + Rs 150 = Rs 3,150
Principle Interest for the second year=Rs 3,150 x 5 x \(\frac{1}{100}\) = Rs 157.50
Amount at the end of the second year = Rs 3307.50
Compound interest=Rs 3,307.50 – 3,000 = Rs 307.50
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