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Question
Calculate the amount and the compound interest for the following:
Rs.10,000 at 8°/o p.a. in `2 1/4` years
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Solution
Here, P = Rs.10,000 ; r = 8°/o p.a. ; t = `2 1/4` years
For the first year: t = 1 year
S.I. = `("P" xx "r" xx "t")/100`
S.I. = `("Rs" 10000 xx 8 xx 1)/100`
S.I. = Rs800
A=P+S.l.
=Rs ( 10,000 + 800) =Rs 10,800 =new principal
For the second year: t = 1 year; P=Rs 10,800
S.I. = `("P" xx "r" xx "t")/100`
S.I. = `("Rs" 10800 xx 8 xx 1)/100`
S.I. = Rs864
A=P+S.l.
A=Rs ( 10,800 + 864) =Rs 11,664 =new principal
For the third year: t = 1/4 year; P=Rs 11,664
S.I. = `("P" xx "r" xx "t")/100`
S.I. = `("Rs" 11664 xx 8 xx 1)/(100 xx 4)`
S.I. = Rs 233.28
A=P+S.l.
A=Rs ( 11,664 + 233.28) =Rs 11,897 .28
C.l. = Interest in first year +interest in second year +interest in third year
C.l. =Rs (800 + 864 +233.28) =Rs 1,897 .28
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