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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
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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
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