Question

To renovate his shop, Anurag obtained a loan of rs. 8000. If the rate of interest at 5 percent per annum is compounded annually, calculate the compound interest that Anurag has to pay after 3 years

Answer 1

= 8000 (1 + 5/100)^3

= 8000 × 105/100 × 105/100 × 105/100

= 21^3

= 9261 rupee

Answer 2

Answer:

The compound interest that Anurag will have to pay is Rs 1261.

Step-by-step explanation:

Referred to the attachment.