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Standard X

Mathematics

Recurring Deposit Account

Calculate the...

Question

Calculate the compound interest on a principal 10,000 at 8% per anum for 3 years.

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Solution

We are given P = $R s . 10, 000$ , $R = 8 %$ , $n = 3$ years.
at $8 %$ column with the row $3$ years. It is $0.2597$ (by ready recknors) . This means $R s . 0.2597$ is the interest for $R s . 1$ for $3$ years at $8 %$ per anum.
Therefore compound interest for $R s . 10, 000 = 0.2597 \times 10, 000 = R s . 2, 597$ .

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Calculate the compound interest on a principal 10,000 at 8% per anum for 3 years.

We are given P =Rs. 10,000, R=8%, n=3 years.at 8% column with the row 3 years. It is 0.2597 (by ready recknors) . This means Rs. 0.2597 is the interest for Rs. 1 for 3 years at 8% per anum.Therefore compound interest for Rs. 10,000=0.2597×10,000=Rs.2,597.