Question 149
How much will be the compound interest to be paid on a principle amount of Rs.85,000/-after 3 years at the rate of 6 p.c:p.a:?
Solution
C.I. = $$P[{1 + \frac{R}{100}}^T - 1]$$
= $$85,000 [(1 + \frac{6}{100})^3 - 1]$$
= $$85,000 [(1.06)^3 - 1] = 85,000 [1.191016 - 1]$$
= $$85,000 \times 0.191016$$
= Rs. $$16,236.36$$
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