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Question 32
Ganesh took a loan of Rs.14000 to be paid after three years with Compound Interest at 10% per annum. How much total amount should he pay at the end of three years?
Solution
compound interest, $$ amount = p( 1 + \frac{r}{100})^n $$
here p = 14000
n = 3 years
r% = 10 %
$$ amount = 14000(1 + \frac{10}{100})^3 $$
         = $$ 14000 ( \frac{11}{10} )^3 $$
        = 18634
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