Question

Shubham deposited Rupees 1500 in his savings bank accounts find the compound interest earned by him after 3 years at the rate of 4% per annum

Answer 1

Hey there ✌̤✌̤✌̤
ᴜʀ ᴀɴꜱ ɪɴ ʜᴇʀᴇ

●INTEREST = Interest is the price paid by a borrower for the use of a lender's money.

TYPE OF INTEREST----- there are 2 type of interest--
●Simple Interest
●Compound Interest

♥Simple Interest = Simple interest is the computed on the principal for the entire period of borrowing.

Formula -----
I = Pit
A = P + I
I = A - P

here
I = Amount of Interest
P = principal ( initial value of an investment)
A = Accumulated amount ( Final value of an investment)
i = Annual interest rate in decimal
t = time in years


♥Compound Interest = compound interest as the interest that accrues when earnings for each specified period of time added to the principal thus increasing the principal base on which subsequent interest is compound.

Formula -
A = p (1 + i)^ɴ

where,
i = Annual rate of interest
n = Number of conversion period per year
INTEREST = An - P
or
= P ( 1 + i)^n - ᴩ


Let, move to ur Question -----



ɢɪᴠᴇɴ ----
ᴩ = ₹ 1500
ʀᴀᴛᴇ = 4%
ᴛɪᴍᴇ = 3 yᴇᴀʀꜱ
ᴄɪ = ???


ᴀꜱ ᴡᴇ ᴋɴᴏᴡ ,
ᴄɪ = ᴩ(1+i)^n -ᴩ

ꜱᴏ ,


CI = 1500 ( 1+0.04)^3 - 1500
= 1500 ( 1.04)^3 - 1500
= 1500( 1.124864) -1500
= 1687.296 - 1500
= ₹ 187.296


ꜱᴏ ᴛʜᴇ ᴄɪ ᴇᴀʀɴᴇᴅ ʙy ꜱʜᴜʙʜᴀᴍ = ₹187.296



❤❤ʜᴏᴩᴇ ɪᴛ ʜᴇʟᴩꜱ ᴜ❤❤
☺☺ꜰᴇᴇʟ ꜰʀᴇᴇ ᴛᴏ ᴀꜱᴋ ᴀɴy qᴜᴇʀy☺☺

Answer 2

Answer:

yes the answer is correct thank u for your answer