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Calculate the compound interest on Rs. 10000 at 10% per annum for 3 years, if interest compounded annually?
- a)Rs. 3130
- b)Rs. 1331
- c)Rs. 3310
- d)Rs. 13310
Correct answer is option 'C'. Can you explain this answer?
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Verified Answer
Calculate the compound interest on Rs. 10000 at 10% per annum for 3 ye...
Here
∴ C.I. = A P = 13310 - 10000
= Rs. 3310
∴ C.I. = A P = 13310 - 10000
= Rs. 3310
Most Upvoted Answer
Calculate the compound interest on Rs. 10000 at 10% per annum for 3 ye...
Principal Amount: Rs. 10,000
Rate of Interest: 10% per annum
Time Period: 3 years
Interest Compounded: Annually
To calculate the compound interest, we can use the formula:
A = P(1 + r/n)^(nt)
Where:
A = Final Amount (including interest)
P = Principal Amount
r = Rate of Interest
n = Number of times interest is compounded per year
t = Time period in years
In this case, the principal amount is Rs. 10,000, the rate of interest is 10% per annum, the time period is 3 years, and the interest is compounded annually.
Step 1: Calculate the compound interest using the formula:
A = P(1 + r/n)^(nt)
A = 10000(1 + 0.10/1)^(1*3)
A = 10000(1 + 0.10)^3
A = 10000(1.10)^3
A = 10000(1.331)
A = 13310
Step 2: Calculate the compound interest by subtracting the principal amount from the final amount:
Compound Interest = A - P
Compound Interest = 13310 - 10000
Compound Interest = Rs. 3310
Therefore, the compound interest on Rs. 10,000 at 10% per annum for 3 years, compounded annually, is Rs. 3310.
Rate of Interest: 10% per annum
Time Period: 3 years
Interest Compounded: Annually
To calculate the compound interest, we can use the formula:
A = P(1 + r/n)^(nt)
Where:
A = Final Amount (including interest)
P = Principal Amount
r = Rate of Interest
n = Number of times interest is compounded per year
t = Time period in years
In this case, the principal amount is Rs. 10,000, the rate of interest is 10% per annum, the time period is 3 years, and the interest is compounded annually.
Step 1: Calculate the compound interest using the formula:
A = P(1 + r/n)^(nt)
A = 10000(1 + 0.10/1)^(1*3)
A = 10000(1 + 0.10)^3
A = 10000(1.10)^3
A = 10000(1.331)
A = 13310
Step 2: Calculate the compound interest by subtracting the principal amount from the final amount:
Compound Interest = A - P
Compound Interest = 13310 - 10000
Compound Interest = Rs. 3310
Therefore, the compound interest on Rs. 10,000 at 10% per annum for 3 years, compounded annually, is Rs. 3310.
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Calculate the compound interest on Rs. 10000 at 10% per annum for 3 years, if interest compounded annually?a)Rs. 3130b)Rs. 1331c)Rs. 3310d)Rs. 13310Correct answer is option 'C'. Can you explain this answer?
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