Question

what will be the compound interest on rs 24000 for 3 years at 10% per annum ?​

Answer 1

SOLUTION :-

Principal for the first year

= ₹ 2400

Interest for the first year

$= \dfrac{24000 \times 10 \times 1}{100}$

= ₹ 2400

Amount at the end of the first year

= ₹ (24000 + 2400)

= ₹ 26400

Principal for the second year

= ₹ 26400

Interest for the second year

$= \dfrac{26400 \times 10 \times 1}{100}$

= ₹ 2640

Amount at the end of the second year

= ₹ (26400 + 2640)

= ₹ 29040

Principal for the third year

= ₹ 29040

Interest for the third year

$= \dfrac{29040 \times 10 \times 1}{100}$

= ₹ 2904

Amount at the end of the third year

= ₹ (29040 + 2904)

= ₹ 31944

★ Compound interest

= ₹ (31944 + 24000)

= ₹ 7944

Hence the compound interest is ₹ 7944

Answer 2

Answer:

Principal for the first year

₹ 2400

Interest for the first year

\dfrac{24000 \times 10 \times 1}{100}=

100

24000×10×1

₹ 2400

Amount at the end of the first year

₹ 26400

Principal for the second year

₹ 26400

Interest for the second year

26400×10×1

₹ 2640

Amount at the end of the second year

₹ 29040

Principal for the third year

₹ 29040

Interest for the third year

29040×10×1

₹ 2904

Amount at the end of the third year

₹ 31944

Compound interest

the answer ₹ 7944