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Question
Calculate the amount and the compound interest for the following:
Rs.17,500 at 12°10 p.a. in 3 years
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Solution
Here, P = Rs.17 ,500 ; r = 12°10 p.a. ; t = 3 years
For the first year: t = 1 year
S.I. = `("P" xx "r" xx "t")/100`
S.I. = `("Rs" 17500 xx 12 xx 1)/100 `
S.I. = Rs2, 100
A=P+S.I.
=Rs ( 17,500+2,100) =Rs 19,600 =new principal
For the second year: t = 1 year; P=Rs 19,600
S.I. = `("P" xx "r" xx "t")/100`
S.I. = `("Rs" 19600 xx 12 xx 1)/100`
S.I. = Rs2, 352
A=P+S.I.
A=Rs ( 19,600 + 2,352) =Rs 21,952 =new principal
For the third year: t = 1 year; P=Rs 21, 952
S.I. = `("P" xx "r" xx "t")/100`
S.I. = `("Rs" 21952 xx 12 xx 1)/100`
S.I. = Rs2, 634. 24
A=P+S.I.
A=Rs (21,952 + 2,634.24) =Rs 24,586.24
C.I. = Interest in first year + interest in second year + interest in third year
C.I.= Rs (2, 100 + 2,352+2,634.24) =Rs 7,086.24
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