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Question
Rohit deposited Rs 8000 with a finance company for 3 years at an interest of 15% per annum. What is the compound interest that Rohit gets after 3 years?
Solution
We know that amount A at the end of n years at the rate of R % per annum is given by A = P \[\left( 1 + \frac{R}{100} \right)^n . \]
Given:
P = Rs 8, 000
R = 15 % p . a .
n = 3 years
Now,
\[A = 8, 000 \left( 1 + \frac{15}{100} \right)^3 \]
\[ = 8, 000 \left( 1 . 15 \right)^3 \]
= Rs 12, 167
And,
CI = A - P
= Rs 12, 167 - Rs 8, 000
= Rs 4, 167
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