Discussion
Find the compound interest and the amount on Rs.8000 at 5% per annum for 3 years when C.I is reckoned yearly?
Answer: A
\[ A = P\left(1 + \frac{R}{100}\right)^{n}, \qquad \text{CI} = A - P, \qquad \text{SI} = \frac{PRn}{100} \]
\[ A = 8000 \times (1.05)^{3} = 8000 \times 1.157625 = \text{Rs. } 9261 \]
\[ \text{CI} = 9261 - 8000 = \text{Rs. } 1261 \]
Simple interest would be \( 8000 \times 0.15 = 1200 \); the extra Rs. 61 is the interest earned on earlier interest.
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