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Question

Calculate the amount and compound interest on Rs.10,800 for 3 years at 1212% per annum compounded annually.

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Solution

Here, the principal amount P=10,800, time T=3 and Rate of interest, R=1212%

And, we know that the formula to calculate amount is

A=P[1+R100]n, therefore, we have:


A=P[1+R100]n

=10800⎢ ⎢ ⎢1+1212100⎥ ⎥ ⎥3

=10800⎢ ⎢ ⎢1+252100⎥ ⎥ ⎥3

=10800[1+25200]3

=10800[225200]3

=10800×225200×225200×225200

=675×9×9×94×8

=49207532

=15377.34

Thus, the amount is Rs. 15377.34

Now, to find the compound interest, we subtract the principal amount from the total amount as follows:

C.I=AP=15377.3410800=4577.34

Hence, the amount is Rs. 15377.34 and the compound interest is Rs. 4577.34.

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