Question

What will be the compound interest on 30,000 at 10% p.a compounded annually for 3 years?​

Answer 1

Step-by-step explanation:

compound interest is = 6630

Answer 2

$\huge{\underline{\underline{\sf{Required\: Answer -}}}}$

☆GiveN :-

• Principal = 30,000
• Rate % = 10%p.a
• Time = 3 year
• Interest is compounded annually

☆To finD :-

• Compound Interest

☆Explanation :-

Before finding Compound Interest, we have to find Amount.

Let us find Amount from the given question.

${\underline{\sf{\green{Formula \:Used :-\: Amount =P(1 + { \frac{r}{100}) }^{n} }}}}$

Where,

• P = principal
• r = rate%
• n = time period

${\underline{\sf{\blue{Substituting\: value\: in\: Formula}}}}$

$P(1 + { \frac{r}{100}) }^{n} \\ \\ = > 30000( 1 + { \frac{10}{100} )}^{3} \\ \\ = > 30000 \times ( { \frac{100 + 10}{100} )}^{3} \\ \\ = > 30000 \times \frac{110}{100} \times \frac{110}{100} \times \frac{110}{100} \\ \\ = > 3 \times 11 \times 11 \times 110 \\ = > 39930rs$

Hence,

Amount = 39930rs

☆ Finding Compound Interest :-

${\underline{\sf{\green{Formula\: Used = \: Compound\: Interest \: =\: Amount- Principal}}}}$

${\underline{\sf{\blue{Substituting\: value\: in\: Formula}}}}$

Compound Interest = 39,930 - 30,000

= 9,930rs

Therefore, compound Interest = 9,930rs