Find the compound interest on Rs. 31,250 at 8% p.a for 3 years compounded annually?
Rs. 8006
Rs.8106
Rs. 8096
Rs. 8116
Explanation:
Amount=P[1+$\dfrac{r}{100}]^n$
A=31250[$\dfrac{100+8}{100}]^3$
=31250$ \times \dfrac{108}{100}\times \dfrac{108}{100}\times \dfrac{108}{100}$
=31250$ \times \dfrac{27}{5}\times \dfrac{27}{5}\times \dfrac{27}{5}$
=Rs.39366
CI=A-P
=39366-31250
=Rs.8116
Amount=P[1+$\dfrac{r}{100}]^n$
A=31250[$\dfrac{100+8}{100}]^3$
=31250$ \times \dfrac{108}{100}\times \dfrac{108}{100}\times \dfrac{108}{100}$
=31250$ \times \dfrac{27}{5}\times \dfrac{27}{5}\times \dfrac{27}{5}$
=Rs.39366
CI=A-P
=39366-31250
=Rs.8116