Find the amount and compound interest on ₹ 5000 at 6% per annum, for 3 years, compounded annually.​

Given:

Principal = ₹ 5000

Compound rate of interest = 6% per annum

Time = 3 years

To find:

The amount after 3 years of compound interest.

Solution:

Formula for amount is:

Where, P is principal, r is rate of interest in % and t is the number of years.

Putting P=5000, r=6 and t=3, we get

On further simplification, we get

Therefore, the amount after 3 years of compound interest is 5955.08.

0.02040816326

hi there!

the answer will be d: 2