Nidhi deposited $R s 7, 500$ in a bank which pays her $4 %$ interest per annum compounded annually. Find the amount and the interest received by her after three years.

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Solution

Deposited amount $(P) = R s . 7500$

Rate of interest $(R) = 4 %$

Time period $(t) = 3$ years

Therefore,

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

$A = 7500 {(1 + \frac{4}{100})}^{3}$

$\Rightarrow A = 7500 \times {(\frac{26}{25})}^{3}$

$\Rightarrow A = R s . 8436.48$

Compound interest $= A - P = 8436.48 - 7500 = R s . 936.48$

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Nidhi deposited Rs7,500 in a bank which pays her 4% interest per annum compounded annually. Find the amount and the interest received by her after three years.

Deposited amount (P)=Rs.7500Rate of interest (R)=4%Time period (t)=3 yearsTherefore,A=P(1+R100)tA=7500(1+4100)3⇒A=7500×(2625)3⇒A=Rs.8436.48Compound interest =A−P=8436.48−7500=Rs.936.48

Nidhi deposited $R s 7, 500$ in a bank which pays her $4 %$ interest per annum compounded annually. Find the amount and the interest received by her after three years.