Question

Rs.50000 is lent for 3 years at 8% per annum compound interest. find the compound interest at the end of 3 years.

Answer 1

Answer:

Rs. 12985.6

Step-by-step explanation:

The amount after compounding a principal amount, $P$, at an interest rate ,$i$, for years $t$ is;

$Amount=P*(1+\frac{i}{100})^t$

In our case;

$P=50000\\i=8%\\t=3$

Therefore

$Amount=50000*(1+\frac{8}{100})^3\\ Amount=62985.6$

Now, the compound interest at the end of 3 years is given as the difference between the Amount at the end of the period and the principal amount

$Interest=62985.6-50000\\Interest=12985.6$

Answer 2

Step-by-step explanation:

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