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Question
Calculate the amount and the compound interest for the following:
Rs.25, 000 at `8 2/5 %` p.a. in `1 1/3` years
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Solution
Here, P = Rs.25, 000; r = `8 2/5` % p.a. =42/5 % ;
t = `1 1/3` years
For the first year: t = 1 year
S.I. = `("P" xx "r" xx "t")/100`
S.I. = `("Rs" 25000 xx 42 xx 1)/(100 xx 5)`
S.I. = Rs2, 100
A=P+S.I.
=Rs (25,000 + 2, 100) = Rs 27, 100 = new principal
For the second year: t = 1/3 year; P=Rs 27,100
S.I. = `("P" xx "r" xx "t")/100`
S.I. = `("Rs" 27100 xx 42 xx 1)/(100 xx 5 xx 3)`
S.I. = Rs758.80
A=P+S.I.
A=Rs (27, 100 + 758.80) =Rs 27,858.80
C.I. = Interest in first year +interest in second year
C.I.= Rs (2, 100 + 758.80) =Rs 2,858.80
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