Suryakant purchased a colour TV set on credit. If the set costs 7200 and the shopkeeper charges interest at the
rate of 20% per annum. Calculate the compound interest that Suryakant will have to pay after 3 years.
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Answer:
12441.6
Step-by-step explanation:
A = P ( 1 + r)^n
where A = final amount, P= principal amount, r= rate of intrest in decimal, n= number of years.
A = 7200 ( 1 + 0.20 ) ^ 3
= 7200 ( 1.20 ) ^3
= 7200 ( 1.728 )
A = 12441.6
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