Question

RS.10000 DEPOSITED INTO SBI FOR 3 YEARS AT 8 PERCENT RATE OF INTEREST COMPOUNDED QUARTERELY​

Answer 1

Given :-

principle = rs.10000

time = 3 years

rate = 8%

find:-

compound interest = ??????

formulae used :-

$amount = p(1+\frac{rate}{100})^time$

compound interest = amount - principle

putting values :-

$amount = 10000(1+\frac{8}{100})^3$

$amount = 10000(\frac{108}{100})^3$

$amount =\frac{108 * 108 * 108}{100}$

$amount = 12597.12$

compound interest = 12597.12-10000

compound interest = rs. 2597.12

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