Question
Download Solution PDFWhat will be the amount of ₹12,288 after 3 years when annual compound interest is given at 6.25% per annum rate of interest?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal (P) = ₹12,288
Time (t) = 3 years
Rate of interest (r) = 6.25% per annum
Formula used:
A = P(1 + r/100)t
Where, A = Amount
Calculations:
First, convert the rate of interest from percentage to fraction:
6.25% = 6.25/100 = 625/10000 = 1/16
Now, substitute the values into the compound interest formula:
A = 12288 × (1 + 1/16)3
⇒ A = 12288 × (17/16)3
⇒ A = 12288 × (17 × 17 × 17) / (16 × 16 × 16)
⇒ A = 12288 × (4913) / (4096)
Divide 12288 by 4096:
⇒ 12288 / 4096 = 3
So, A = 3 × 4913
⇒ A = 14739
Last updated on Apr 24, 2025
-> The AAI Junior Assistant Response Sheet 2025 has been out on the official portal for the written examination.
-> AAI has released 168 vacancies for Western Region. Candidates had applied online from 25th February to 24th March 2025.
-> A total number of 152 Vacancies have been announced for the post of Junior Assistant (Fire Service) for Northern Region.
-> Eligible candidates can apply from 4th February 2025 to 5th March 2025.
-> Candidates who have completed 10th with Diploma or 12th Standard are eligible for this post.
-> The selection process includes a Computer Based Test, Document Verification, Medical Examination (Physical Measurement Test), Driving Test and a Physical Endurance Test.
-> Prepare for the exam with AAI Junior Assistant Previous year papers.