Question 149
What will be the the compound interest acquired on sum of Rs 12,000/- for 3 years at the rate of 10 % per annum ?
Solution
Principal amount = Rs. 12,000
Time period = 3 years and rate of interest = 10% under compound interest.
=> $$C.I. = P [(1 + \frac{R}{100})^T - 1]$$
= $$12,000 [(1 + \frac{10}{100})^3 - 1]$$
= $$12,000 [(\frac{11}{10})^3 - 1] = 12,000 (\frac{1331 - 1000}{1000})$$
= $$12 \times 331 = Rs. 3,972$$
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