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Question
Calculate the amount and the compound interest for the following:
Rs.30,000 at 8°/o p.a. in `2 1/2` years
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Solution
Here, P = Rs.30,000 ; r = 8°/o p.a. ; t = `2 1/2` years
For the first year: t = 1 year
S.I. = `("P" xx "r" xx "t")/100`
S.I. = `("Rs" 30000 xx 8 xx 1)/100`
S.l. = Rs2, 400
A=P+S.I.
=Rs (30,000 + 2,400) = Rs 32,400 = new principal
For the seoond year: t = 1 year; P=Rs 32,400
S.I. = `("P" xx "r" xx "t")/100`
S.I. = `("Rs" 32400 xx 8 xx 1)/100`
S.I. = Rs2, 592
A=P+S.I.
A=Rs (32,400 + 2,592) =Rs 34,992 =new principal
For the third year: t = 1/2 year ; P=Rs 34, 992
S.I. = `("P" xx "r" xx "t")/100`
S.I. = `("Rs" 34992 xx 8 xx 1)/100`
S.I = Rsi, 399.68
A=P+S.I.
A=Rs (34, 992 + 1,399.68) = Rs 36,391.68
C.l. = Interest in first year+ interest in second year + interest in third year
C.l.= Rs (2,400 + 2,592 +1,399.68) =Rs 6,391.68
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