A sum of money amounts to ₹19,360 in 3 years at 10% per annum, compounded annually. The compound interest (in ₹) earned is (Round off your answer to the nearest paise.)
₹4814.55
The amount after compound interest is given by \(A = P\left(1 + \frac{R}{100}\right)^n\).
Here \(A = 19360\), \(R = 10\%\) and \(n = 3\).
The growth factor is \(\left(1 + \frac{10}{100}\right)^3 = (1.1)^3 = 1.331\).
So the principal \(P = \frac{19360}{1.331} = 14545.4545...\)
Compound interest \(= A - P = 19360 - 14545.4545 = 4814.5455\), which rounds to ₹4814.55.
Hence, the compound interest earned is ₹4814.55.
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Important Questions from Compound Interest
A person borrowed Rs. 10000 on compound interest at the rate of 40 percent per annum. If the interest is compounded half yearly, then what will be the amount to be paid after 1.5 years?
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In how many years will a sum of Rs.1875 amount to Rs.2187 at 8 percent p.a. compound interest?
A sum of money has increased by 45% in 9 years at simple interest. What will be the compound interest of Rs. 12,000 after 3 years at the same rate?
At a certain rate of compound interest a certain sum amounts to Rs. 64800 in 4 years and Rs. 93312 in 6 years. What is the compound interest earned in fifth year?
