wiz-icon
MyQuestionIcon
MyQuestionIcon
1
You visited us 1 times! Enjoying our articles? Unlock Full Access!
Question

Suhail deposited a sum of Rs. 8000 at compound interest in the bank at the rate of 18% per annum for 3 years. What interest will he get after the end of 3 years?

Open in App
Solution

We know that amount A at the end of n years at the rate of R per annum is given by,
A=P(1+R100)n
It is given that,
P=8000
R=18%
n=3 years
Now, A=P(1+R100)n
A=8000(1+18100)3
A=8000(100+18100)3
A=8000(118100)3
A=8000×118100×118100×118100

A=8×118×118×1181000

A=131442561000

A=Rs. 13144.256

Therefore, the amount is Rs. 13144.25

Now, compound interest, C.I=AP

C.I=13144.258000

C.I=5144.25

Therefore, the interest is Rs. 5144.25.


flag
Suggest Corrections
thumbs-up
0
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Simple and Compound Interest
MATHEMATICS
Watch in App
Join BYJU'S Learning Program
CrossIcon