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Question
A sum of Rs. 13,500 is invested at 16% per annum compound interest for 5years. Calculate :
(i) the interest for the first year.
(ii) the amount at the end of first year.
(iii) the interest for the second year, correct to the nearest rupee.
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Solution
For 1st year :
P = Rs. 13,500; R = 16% and T = 1 year
Interest = Rs. `[13,500 xx 16 xx 1]/[100]`= Rs. 2,160
Amount = Rs. 13,500 + Rs. 2,160= Rs. 15,660
For 2nd year :
P = Rs. 15,660; R = 16% and T = 1 year
Interest = Rs. `[15,660 xx 16 xx 1]/[100]`= Rs. 2,505.60 = Rs. 2,506
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