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Question 186
What amount of compound interest can be obtained on an amount of Rs. 8,840 at the rate of 5 p.c.p.a. at the end of 3 years ?
Solution
C.I. = $$P [{1 + \frac{R}{100}}^T - 1]$$
= $$8840 [(1 + \frac{5}{100})^3 - 1]$$
= $$8840 [(\frac{21}{20})^3 - 1] = 8840 [\frac{9261}{8000} - 1]$$
= $$8840 \times \frac{1261}{8000}$$
= Rs. 1393.405
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