Suhail deposit a sum of 8000 at the compound interest in the bank @ 18% per annum for 3 years what interest will he get after the end of 3 years
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I think the answer is 4320
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Given :-
Principle amount deposited by Suhail = Rs. 8000
Annual interest rate = 18%
Time in years = 3 years
To Find :-
The interest he will get after the end of 3 years.
Solution :-
We know that,
a = Amount
p = Principle amount
r = Annual interest rate
t = Time
Using the formula,
Given that,
Principle (p) = Rs. 8000
Annual rate interest (r) = 18%
Time (t) = 3 years
Substituting their values,
⇒ a = 8000 × (1 + 18/100)³
⇒ a = 8000 × (118/100)³
⇒ a = 8000 × 1.18 × 1.18 × 1.18
⇒ a = 8000 × 1.64
⇒ a = 13120
Using the formula,
Given that,
Amount (p) = Rs. 13120
Principle (p) = Rs. 8000
Substituting their values,
⇒ 13120 - 8000
⇒ Rs. 5120
Therefore, interest he will get after the end of 3 years is Rs. 5120.
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