Rupees 24,000 invested for 3 years at the rate of 6% p.a compounded annually. Find the compound.
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Answer:
Hey Dude,
Here's your answer:
Step-by-step explanation:
Amount =P(1+ r/100)^n
=24000 ( 1 + 6/100)^3
=24000 (1+ 3/50)^3 {When 6/100 is cancelled, it becomes 3/50}
LCM = 50
=24000 (53+50)^3
=24000 x 53/50 x 53/50 x 53/50
=24 x 53/5 x 53/5 x 53/5 { Three zeros are cancelled :) }
=24 x 10.6 x 10.6 x 10.6 { 53/5= 10.6 }
=Rs.28,584.384
Now finding Compound Interest:
CI = A - P {Amount - Principle}
= 28,584.384 - 24000
= Rs.4,584.384
Rs.4,584.384 is the CI
Hope it helps :)
Stay Safe...❤❤❤
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