Question

Rs 3000 is invested at compound interest
of 10 % p.a. for 3 years find the
amount received after 3 years and the total interest if :

i)The interest is given half yearly
ii) The interest is given annually.
​

Answer 1

Answer:

the interest is given annually

Answer 2

ANSWER

We know the formula,

A=P(1+

n

r

)

n.t

Where,

A= total amount

P= principal or amount of money deposited,

r= annual interest rate

n= number of times compounded per year

t= time in years

Given:

P= Rs. 3000,r=8%,n=4 and t=2 years

A=3000(1+

4

0.08

)

4×2

A=3000×1.02

8

A=3000×1.171659

A= Rs. 3514.98

To find interest we use formula A=P+I, since A=3514.98 and P=3000, we have:

A=P+I

⇒3514.98=3000+I

⇒I=3514.98−3000=514.98

Interest, I= Rs. 514.98

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