Question

what sum of money will amount to Rs.73502.58 in 3 years at 7% p.a find C.I?​

Answer 1

Step-by-step explanation:

CI = p × (1+r/100)^t-p

where p= principal

ci= compound intrest

r= rate

t=time

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Answer 2

Compound interest is ₹13502.58

Given:

• Total amount:73502.58
• Time: 3 years
• Rate: 7% p.a.

To find:

• Compound interest.

Solution:

Formula to be used:

• $\bf A=P\left(1+\frac{R}{100}\right)^T$
• CI= A-P

Step 1:

Put the given values in the formula.

$73502.58=P\left(1+\frac{7}{100}\right)^3$

$73502.58=P\left(\frac{107}{100}\right)^3$

Step 2:

Solve the equation for Principal amount.

$73502.58=P \times \frac{107}{100} \times \frac{107}{100} \times \frac{107}{100}$

$P = \frac{73502.58 \times 100 \times 100 \times 100}{107 \times 107 \times 107}$

$P = \frac{7350258 \times 100 \times 100}{107 \times 107 \times 107}$

$\bf P = 60000$

Step 3:

Calculate the compound interest.

Total Amount: 73,502.58

Principal amount: 60,000

Compound interest: A-P

Amount of compound interest=$73502.58 - 60000$

$\bf CI=13502.58$

Thus,

Compound interest is ₹13502.58

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