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Question 146
What approximate amount of compound interest can be obtained on an amount of Rs. 9,650/- at the rate of 6 p.c.p.a. at the end of 3 years?
Solution
C.I. = $$P[{1 + \frac{R}{100}}^T - 1]$$
= $$9650 [(1 + \frac{6}{100})^3 - 1]$$
= $$9650 [(1.06)^3 - 1] = 9650 [1.1910 - 1]$$
= $$9650 \times 0.191$$
= Rs.$$ 1,843.15 \approx$$ Rs. $$1,843$$
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