Question

Find the amount to be paid at the end of 3 years of the sum of ₹ 1,200 at the rate of $12\%$ p.a.
[4 MARKS]

Answer 1

Formula: 1 Mark
Steps: 2 Marks
Answer: 1 Mark

Given,

Principal (P) = ₹ 1200

Rate (R) = $12\%$ p.a.

Time (T) = 3 years

$S.I.=\frac{P\times R\times T}{100}$

$S.I.=\frac{1200\times 12\times 3}{100}$

$S.I.=₹432$

Total amount to be paid at the end of three years = P + S.I.

Amount = ₹ 1200 + ₹ 432

Amount = ₹ 1632
₹ 1632 has to be paid at the end of three years.