We appreciate your visit to Find the compound interest on Rs 7000 for 3 years at 5 per annum compounded annually. This page offers clear insights and highlights the essential aspects of the topic. Our goal is to provide a helpful and engaging learning experience. Explore the content and find the answers you need!
Answer :
Final answer:
The compound interest on Rs 7000 for 3 years at 5% per annum compounded annually is Rs 966.25.
Explanation:
To find the compound interest on Rs 7000 for 3 years at 5% per annum compounded annually, we use the formula:
Compound Interest = P(1 + r/n)nt - P
where P is the principal amount, r is the interest rate, n is the number of times interest is compounded per year, and t is the number of years. Plugging in the given values:
Compound Interest = 7000(1 + 0.05/1)1 * 3 - 7000 = Rs 966.25
Learn more about Compound Interest here:
https://brainly.com/question/34614903
#SPJ11
Thanks for taking the time to read Find the compound interest on Rs 7000 for 3 years at 5 per annum compounded annually. We hope the insights shared have been valuable and enhanced your understanding of the topic. Don�t hesitate to browse our website for more informative and engaging content!
- Why do Businesses Exist Why does Starbucks Exist What Service does Starbucks Provide Really what is their product.
- The pattern of numbers below is an arithmetic sequence tex 14 24 34 44 54 ldots tex Which statement describes the recursive function used to..
- Morgan felt the need to streamline Edison Electric What changes did Morgan make.
Rewritten by : Barada
