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Recurring Deposit Account

Rs 31250 for ...

Question

$R s 31250$ for $3$ years at $8 %$ per annum is compounded annually.Find the interest amount only.

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Solution

Given,
Principal $=$ Rs. $31250$
Rate r $= 8 %$
Time $= 3$ years
Amount $= p {(1 + \frac{r}{100})}^{t}$
$= 31250 {(1 + \frac{8}{100})}^{3}$
$= 31250 \times {(\frac{108}{100})}^{3}$
$= 39, 366 R s$

compound $=$ amount $-$ principal
$= 39, 366 - 31250$
$=$ Rs. $8116$ .

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