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Question
Calculate the amount and the compound interest on :
Rs. 6,000 in 3 years at 5% per year.
Solution
For 1st year,
P = Rs. 6,000; R = 5%, and T = 1 year
∴ Interest = Rs. `[6,000 xx 5 xx 1]/[ 100 ]` = Rs. 300.
And, amount = Rs. ( 6,000 + 300 ) = Rs. 6,300
For 2nd year,
P = Rs. 6,300; R = 5%, and T = 1 year
∴ Interest = Rs. `(6,300 xx 5 xx 1)/100` = Rs. 315
And, amount = Rs. ( 6,300 + 315 ) = Rs. 6,615
For 3rd year,
P = Rs. 6,615; R = 5% and T = 1 year
∴ Interest = Rs. `(6,615 xx 5 xx 1)/100` = Rs. 330.75
And, Amount = Rs. ( 6,615 + 330.75 ) = Rs. 6,945.75
∴ C.I. accrued = Final amount - Intitial Principal
= Rs. ( 6,945.75 - 6,000 )
= Rs. 945.75
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