Question

Rupees 24,000 invested for 3 years at the rate of 6% p.a compounded annually. Find the compound.

Answer 1

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 :)

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