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Source: — Problem Solving |
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by ri2007 » Sun Oct 28, 2007 9:48 pm
Compound interest formula is

A = P(1 +r/n)^nt

where A = Amount
P is principle in this case its 1000
r rate of interest in decimal (so 5.6% is 0.056)
n - number of years the interst is compounded - in this case its annually so n =1
t is time in this case 3
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by camitava » Sun Oct 28, 2007 11:12 pm
Manasi_sh, I agree with ri2007! But for me, its very tough to remember the formula at all. So what I would do here is - to solve the prob step-by-step. Like -
After 1st yr : Total amt = 1000 * 105.6/100
After 2nd yr : Total amt = 1000 * 105.6/100 * 105.6/100
After 3rd yr : Total amt = 1000 * 105.6/100 * 105.6/100 * 105.6/100
= 1000 * (1.056)^3
Correct me If I am wrong


Regards,

Amitava
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by manasi_sh » Tue Oct 30, 2007 3:59 am
105.6/100 menas 1= 5.6/100..rt?..wel yeah ur method is easier..thnks
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by camitava » Tue Oct 30, 2007 6:11 am
Yop Manashi!
105.6/100 menas 1= 5.6/100..rt?..wel yeah ur method is easier..thnks
105.6/100 means 1 + 5.6 / 100. By the way, welcome !
Correct me If I am wrong


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Amitava
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