Shubham deposited rs 1500 im his saving bank accounts . find the compound interest paid by him after 3 years at the rate of 4% per annum .
Answers
Answer:
formula - p( 1 + i )^n
where,
i = annual rate of interest
n = number of conversion period per year
interest = An- p or p(1+i) ^n-p
given ,
p= 1500
r= 4%
t = 3 years
ci = ???
as we know ,
cI = 1500 (1+0.04)^3-1500
= 1500 (1.04)^3 - 1500
=1500 ( 1.24864) -1500
= 1687.296 - 1500
= rs. 186.296
Answer:
1st year
P1=1500 rs
R= 4%
T= 1 year
SI 1 = P1×R×T/100
=1500× 4 ×1/100
SI 1= 60
A1 = P1+ SI 1
= 1500+ 60
= 1560= P2
Now ,2nd year
P2= 1560
R=4%
T=1 year
SI 2 =P2×R×T/100
=1560×4×1/100
=6240/100
=62.4
A2= P2+ SI 2
=1560+62.4
=1622.4 = P3
Now,3rd year
P3= 1622.4
R= 4%
T= 1 year
SI 3 = P3×R×T/100
=1622.4×4×1/100
=6488.6/100
=64.886 =64.89
A3= P3+SI 3
=1622.4+ 64.89
=1687.29
NOW. ,CI = A3 - P1
=1687.29-1500
=187.29
hence ,the compound interest is to be paid after 3 years is 187.29 rs by Shubham.
hope it will help u