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Bijoy borrowed Rs. 64000 from a bank. If...

Bijoy borrowed Rs. 64000 from a bank. If the rate of interest per annum be 2.5 paisa per Rs. 1, then how much compound interest should Bijoy have to pay to the bank after 3 years?

Text Solution

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The rate of interest `=2.5` paisa per Rs. 1
`= (2.5xx100)` paisa per Rs. 100
`= Rs. 2.6` per Rs. 100
`=2.5%` pr annum
`:.` At the rateo 2.5% compound interest per annum, the amount of Rs. 64000 in 3 years.
`=Rs. 64000(1+2.5/100)^(3)=Rs. 64000(1+25/1000)^(3)`
`=Rs.64000(41/40)^(3)`
`=Rs. 68921`
`:.` The compound interest `=Rs. (68921-64000)`
`=Rs. 4921`
Hence the required compound interest `=Rs. 4921`
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