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Question
Calculate the amount and compound interest on Rs 20000 for 3 years at 10% per annum, interest being payable annually.
Solution
Here P1 = Rs.20000 and r = 10%
So, Amount after 1 year
= `"P"(1 + "r"/100)`
= `20000(1 + 10/100)`
= `20000 xx (110)/(100)` = 22000
Thus, P2 = Rs.22000 and r = 10%
Amount after 2 year
= `"P"(1 + "r"/100)`
= `22000(1 + 10/100)`
= `22000 xx (110)/(100)` = 24200
Thus, P3 = Rs.24200 and r = 10%
Amount after 3 year
= `"P"(1 + "r"/100)`
= `24200(1 + 10/100)`
= `24200 xx (110)/(100)` = 26620
Hence, Amount = Rs.26620
Also, C.I.
= A - P
= Rs.26620 - Rs.20000
= Rs.6620.
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