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Question 74
A sum of ₹14000 is lent at compound interest (interest is compounded annually) for 3 years. If the rate of interest is 10%, then what will be the compound interest?
Solution
Given, Principal = Rs.14000
Rate of interest = 10%
Time period = 3 years
Amount including Compound Interest for 3 years = $$\dfrac{110}{100} \times \dfrac{110}{100} \times \dfrac{110}{100} \times 14000 = 1331 \times 14 = Rs.18634$$
Compound Interest = Rs.18634 - Rs.14000 = Rs.4634
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