suresh obtain a loan for₹100000 against his fixed deposit if the rate of interest is 1.5 paise per rupee per annum calculate the compound interest payable after 3 years
Answers
Given : suresh obtain a loan for₹100000 against his fixed deposit if the rate of interest is 1.5 paise per rupee per annum
To Find : calculate the compound interest payable after 3 years
Solution:
interest rate is 1.5 paise per rupee per annum
=> 1.5 paise per 100 paise per annum
=> 1.5 % per annum
R = 1.5 % per annum
P = 100000 ₹
n = 3 year
A = P(1 + R/100)ⁿ
=> A = 100000 (1 + 1.5/100)³
compound interest payable after 3 years = A - P
= 100000 (1 + 1.5/100)³ - 100000
= 100000 ( 0.045678375)
= 4567.8375
= 4567.84 ₹
the compound interest payable after 3 years = 4567.84 ₹
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