Savitha wants to purchase a laptop for which she borrowed rupees 40,000 from a bank at 10% per annum compounded annually for 3 years. Calculate the amount and compound interest to be paid by Savita after 3 years.
Answers
Answered by
2
Answer:
Principal (P) = Rs.40,000
Rate (R) = 10%
Time (n) = 3 years
Amount (A) = P (1 + R/100)ⁿ
=> A = 40000 (1 + 10/100)³
=> A = 40000 (11/10)³
=> A = Rs.53,240
Compound Interest = A-P = Rs.(53,240-40,000) = Rs.13,240
Similar questions