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Question
Calculate the amount and the compound interest for the following:
Rs. 7500 at 12% p.a. in 3 years.
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Solution
Here, P = Rs. 7500 ; r = 12% p.a.; t = 3 years
For the first year : t = 1 year
S.I. = `("P" xx "r" xx "t")/100`
S.I. = `("Rs" 7500 xx 12 xx 1)/100`
S.I. = Rs 900
A = P + S.I.
= Rs (7500 + 900) = Rs 8400 = new principal
For the seoond year: t = 1 year; P=Rs 8,400
S.I. = `("P" xx "r" xx "t")/100`
S.I. = `("Rs" 8400 xx 12 xx 1)/100`
S.l. = Rs 1,008
A= P + S.l.
A=Rs (8,400 + 1,008) = Rs 9,408 = new principal
For the third year: t = 1 year; P=Rs 9,408
S.I. = `("P" xx "r" xx "t")/100`
S.I. = `("Rs" 9408 xx 12 xx 1)/100`
S.l. = Rs1, 128. 96
A=P+S.l.
A=Rs (9,408 + 1,128.96) =Rs 10,536.96
C.l. = Interest in first year + interest in second year + interest in third year
C.l. =Rs (900 + 1,008+1, 128.96) = Rs 3,036.96
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