What would be the compound interest accrued on an amount of Rs. 8000 at the rate of 15 p.c.p.a. in three years ?
Principal amount = Rs. 8,000
Time period = 3 years and rate of interest = 15% under compound interest.
=> $$C.I. = P [(1 + \frac{R}{100})^T - 1]$$
= $$8,000 [(1 + \frac{15}{100})^3 - 1]$$
= $$8,000 [(\frac{23}{20})^3 - 1] = 8,000 (\frac{12167 - 8000}{8000})$$
= $$12167 - 8000 = Rs. 4,167$$
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