Question

Vineet invests a sum of rupees 41250 at the rate of 5% per annum. What compound interest will he obtain at the end of 3 years?​

Answer 1

Compound Interest = 47752.03125

Step-by-step explanation:

The formula for Compound Interest is given below:

$A=p(1+\frac{r}{n} )^{nt}$

Where:

A=Amount at the end of "n" years including interest

p = Principal

r = rate

t = The number of years the amount is deposited.

n = Number of times the interest is compounded.

We are given :

p = 41250

r =5%=0.05

t = 3

Since , it is not mentioned as how many times the interest is compounded, we will consider n=1 that is compounded annually.

Plugging the the values in the compound interest formula:

$A=p(1+\frac{r}{n} )^{nt}\\\\\Rightarrow A=41250(1+\frac{.05}{1} )^{1\times3}\\\\\\\Rightarrow A=41250(1+0.05 )^{3}\\\\\Rightarrow A =41250(1.05 )^{3}\\\\\Rightarrow A =41250\times 1.157625\\\Rightarrow A = 47752.03125$

Learn More:

Find the compound interet on rs 5000 at 6percentage per annum for 3 years?

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