Find the amount and compound interest on 3500at 20% for 3years.

1.	Find the amount and compound interest on 3500at 20% for 3years.
Answer» ANSWER: $p = 3500 \\ r = 20\% \\ t = 3years$ $<klux>AMOUNT</klux> = \: p (1 + \frac{r}{100} )^{n}$ $3500(1 + \frac{20}{100} )^{3}$ $3500( \frac{100 + 20}{100} )^{3}$ $3500( \frac{120}{100} )^{3}$ $3500 \times \frac{6}{5} \times \frac{6}{5} \times \frac{6}{5}$ $3500 \times \frac{216}{125}$ $28 \times \frac{216}{1}$ $= 6048 \: (amount)$ $compound \: interest \: = amount - principal$ $6048 - 3500$ $= 2548(c.i)$ Amount = 6048 C.I = 2548

Answer»

$p = 3500 \\ r = 20\% \\ t = 3years$