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Question
Anil borrowed a sum of Rs 9600 to install a handpump in his dairy. If the rate of interest is \[5\frac{1}{2} %\] per annum compounded annually, determine the compound interest which Anil will have to pay after 3 years.
Solution
\[A = P \left( 1 + \frac{R}{100} \right)^n \]
\[ = 9, 600 \left( 1 + \frac{5 . 5}{100} \right)^3 \]
\[ = 9, 600 \left( 1 . 055 \right)^3 \]
= Rs 11, 272 . 72
Now,
CI = A - P
= Rs 11, 272 . 72 - Rs 9, 600
= Rs 1, 672 . 72
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