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Calculate the Amount and the Compound Interest for the Following:

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Question

Calculate the amount and the compound interest for the following:

Rs.20, 000 at9°/o p.a. in  `2 1/3` years

Sum
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Solution

Here, P = Rs.20, 000; r = 9°/o p.a. ; t = `2 1/3` years

For the first year: t = 1 year

S.I. = `("P" xx "r" xx "t")/100`

S.I. = `("Rs"   20000 xx 9 xx 1)/100`

S.I. = Rs 1800

A=P+S.I.

=Rs (20,000 + 1,800) =Rs 21,800 =new principal

For the second year: t = 1 year; P=Rs 21,800

S.I. = `("P" xx "r" xx "t")/100`

S.I. = `("Rs"   21800 xx 9 xx 1)/100`

S.I. = Rs1, 962

A=P+S.l.

A=Rs (21,800 + 1, 962) = Rs 23, 762 = new principal

For the third year: t = 1/3 year; P=Rs 23,762

S.I. = `("P" xx "r" xx "t")/100`

S.I. = `("Rs"   23762  xx 9 xx 1)/(100 xx 3)`

S.I. = Rs712. 86

A=P+S.I.

A=Rs (23,762 + 712.86) =Rs 24,474.86

C.I. = Interest in first year + interest in second year + interest in third year

C.I. =Rs ( 1,800 + 1, 962 +712.86) =Rs 4,474.86

shaalaa.com
Concept of Compound Interest - Compound Interest as a Repeated Simple Interest Computation with a Growing Principal
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