Find the amount and the compound interest on 8000 for 4 years at 10% per annum interest reckoned yearly.

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Solution

It is given that
Principal (P) = 8000
Rate of interest (r)= 10% p.a.
Period (n) = 4 years
We know that
Amount = $P (1 + r / 100)^{n}$
Substituting the values
= $8000 (1 + 10 / 100)^{4}$
By further calculation
= $8000 \times 11 / 10 \times 11 / 10 \times 11 / 10 \times 11 / 10$
= $11712.80$
Here
CI = A - P
Substituting the values
= $11712.80 - 8000$
= $3712.80$

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