The compound interest (in ₹) on ₹ 5,000 for 3 | vedclass

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Question

(B) The formula for compound interest is given by: $CI = P \left[ \left( 1 + \frac{R}{100} \right)^{T} - 1 \right]$Given: Principal $(P)$ = $₹ 5,000$,

Vedclass · Accepted Answer

$1655$

Vedclass · Answer

(B) The formula for compound interest is given by: $CI = P \left[ \left( 1 + \frac{R}{100} ight)^{T} - 1 ight]$Given: Principal $(P)$ = $₹ 5,000$,Rate $(R)$ = $10 \%$,Time $(T)$ = $3$ years.Substituting the values into the formula:$CI = 5000 \left[ \left( 1 + \frac{10}{100} ight)^{3} - 1 ight]$$CI = 5000 \left[ \left( 1.1 ight)^{3} - 1 ight]$$CI = 5000 \left[ 1.331 - 1 ight]$$CI = 5000 	imes 0.331$$CI = ₹ 1655$Thus,the compound interest is $₹ 1655$.

The compound interest (in ₹) on ₹ $5,000$ for $3$ years at $10 \%$ per annum will amount to:

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