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Answer :
Final answer:
The compound interest on Rs 7000 for 3 years at 5% per annum compounded annually is approximately Rs 1102.50.
Explanation:
To find the compound interest on Rs 7000 for 3 years at 5% per annum compounded annually, we can use the formula:
Compound Interest = P(1 + r/n)^(nt) - P
Where P is the principal amount, r is the annual interest rate, n is the number of times the interest is compounded per year, and t is the number of years. Plugging in the values given:
Principal amount (P) = Rs 7000
Annual interest rate (r) = 5%
Number of times interest is compounded per year (n) = 1
Number of years (t) = 3
Compound Interest = 7000(1 + 0.05/1)^(1*3) - 7000
Simplifying the equation, we get:
Compound Interest = Rs 7000(1.05)^3 - Rs 7000
Calculating this, we find that the compound interest on Rs 7000 for 3 years at 5% per annum compounded annually is approximately Rs 1102.50.
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