Question
By using the formula, find the amount and compound interest on.
Rs. 31250 for 3 years at 8% per annum compounded annually.
Rs. 31250 for 3 years at 8% per annum compounded annually.
✓
Answer
Principal (P) = Rs. 31250 Rate (R) = 8% p.a Period (n) = 3 years $\therefore$ Amount (A) $=\text{P}\Big(1+\frac{\text{R}}{100}\Big)^{\text{n}}$ $=\text{Rs. }31250\Big(1+\frac{8}{100}\Big)^3$ $=\text{Rs. }31250\times\Big(\frac{27}{25}\Big)^3$ $=\text{Rs. }31250\times\frac{27}{25}\times\frac{27}{25}\times\frac{27}{25}$ $=\text{Rs. }39366$ C.I = A - P = Rs. 39366 - Rs. 31250= Rs. 8116
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