Question

Suhail deposited a sum of rupees 8000 at compound interest in the bank at the rate of 18% per annum for 3 years what interest will be get after the end of 3 years

Answer 1

Answer: 5144.256 rupees

Step-by-step explanation:

The amount of compound interest when it is calculated annually is,

$A = P(1+\frac{r}{100} )^t$

Where P = Principal amount

r = annual interest rate,

t = time in years,

Here, P = 8000 rupees, r = 18% and t = 3 years,

Therefore, the total amount after 3 years,

$A = 8000(1+\frac{18}{100} )^3$

$A = 8000\times 1.643032$

$A = 13144.256 \text{ rupees}$

⇒ Total interest in 3 years = 13144.256 - 8000 = 5144.256 rupees.

Answer 2

Aɴsᴡᴇʀ:

• Interest he will get after the end of 3 years = Rs. 5144.256

Gɪᴠᴇɴ:

• Suhail deposited a sum of rupees 8000 at compound interest in the bank at the rate of 18% per annum for 3 years.

Nᴇᴇᴅ Tᴏ Fɪɴᴅ:

• What interest will he get after the end of 3 years ?

Solution:

♲︎︎ In Case 1:

Fᴏʀᴍᴜʟ ᴜsᴇᴅ ʜᴇʀᴇ:

• Amount = P(1 + R/100)^t

Pᴜᴛᴛɪɴɢ ᴛʜᴇ ᴠᴀʟᴜᴇs:

➦ Amount = 8000(1 + 18/100)³

➦ Amount = 8000(118/100)³

➦ Amount = 8000 × 1.18 × 1.18 × 1.18

➦ Amount = 8000 × 1.643032

➦ Amount = 13144.256

Hᴇɴᴄᴇ:

• The Amount is Rs.13144.256.

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♲︎︎ In Case 2:

Aɢᴀɪɴ, Fᴏʀᴍᴜʟ ᴜsᴇᴅ ʜᴇʀᴇ:

• Interest = Amount - Principal

Pᴜᴛᴛɪɴɢ ᴛʜᴇ ᴠᴀʟᴜᴇs:

➦ Total Interest = 13144.256 - 8000

➦ Total Interest = Rs. 5144.256

Tʜᴇʀᴇғᴏʀᴇ:

• Interest he will get after the end of 3 years is Rs. 5144.256.

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