Question

What amount of C.I. can be obtained on an amount of Rs 8,840 at the rate of 5 p.c.p.a at the end of 3 years?

Answer 1

Because CI =P(1+r/100)^n Here,     P=8840,  r=  5  ,  n = 3 Than,  CI =  8840(1+5/100)^3                 =8840(1.05)^3                  =8840×1.157625                  =10,233.405