Question

Find the amount and compound interest on a sum of Rs. $15625$ at $14\%$ per annum for $3$ years compound annually.

Answer 1

Given, $P=15625$ Rs. $R=14\%$ per annum

$t=3$ years

$A=P{(1+\frac{R}{100})}^t$

$=15625(1+0.14{)}^t$

$=15625\left(1.4881544\right)=23149.125$ Rs.

$=23149.13$ Rs.

$CI=A-P$

$=32149.13-15625$

$=7524.13$ Rs.