Given Data:
Principal (P) = Rs. 10,000
Time period (T) = 3 years
Compound interest rate (R) = 10%
Concept:
The concept used here is that of compound interest, which is calculated using the formula:
A = P (1 + R/100)T
where: A is the amount of money accumulated after n years, including interest. P is the principal amount (the initial amount of money). R is the annual interest rate (in decimal). T is the time the money is invested for (in years).
Solution:
⇒ A = 10,000 (1 + 10/100) ^ 3
⇒ A = 10,000 (1.1) ^ 3
⇒ A = 10,000 × 1.331 = Rs. 13,310
Hence, the compound interest amount on Rs.10,000 for 3 years at an annual interest rate of 10% is Rs. 13,310.
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