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Question
Surabhi borrowed a sum of Rs 12000 from a finance company to purchase a refrigerator. If the rate of interest is 5% per annum compounded annually, calculate the compound interest that Surabhi has to pay to the company after 3 years.
Solution
\[A = P \left( 1 + \frac{R}{100} \right)^n \]
\[ = 12, 000 \left( 1 + \frac{5}{100} \right)^3 \]
\[ = 12, 000 \left( 1 . 05 \right)^3 \]
\[ = 13, 891 . 50\]
Thus, the required amount is Rs 13, 891.50.
Now,
CI = A - P
= Rs 13, 891 . 50 - Rs 12, 000
= Rs 1, 891 . 50
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