Nikita invested ₹ 8000 for 3 years at 5 % C.I | vedclass

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(A) Given: Principal $(P)$ = ₹ $8000$,Time $(t)$ = $3$ years,Rate of interest $(R)$ = $5 \%$ per annum.The formula for the amount $(A)$ under compound

Vedclass · Accepted Answer

$9261$

Vedclass · Answer

(A) Given: Principal $(P)$ = ₹ $8000$,Time $(t)$ = $3$ years,Rate of interest $(R)$ = $5 \%$ per annum.The formula for the amount $(A)$ under compound interest compounded annually is: $A = P(1 + \frac{R}{100})^t$.Substituting the values:$A = 8000(1 + \frac{5}{100})^3$$A = 8000(1 + \frac{1}{20})^3$$A = 8000(\frac{21}{20})^3$$A = 8000 	imes \frac{21}{20} 	imes \frac{21}{20} 	imes \frac{21}{20}$$A = 8000 	imes \frac{9261}{8000}$$A = ₹ 9261$.Therefore,Nikita will get ₹ $9261$ after $3$ years.

Nikita invested ₹ $8000$ for $3$ years at $5 \%$ $C.I.$ in a post office. If the interest is compounded once in a year,what sum (in ₹) will she get after $3$ years?

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