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Question
Calculate the amount and the compound interest for the following:
Rs.40, 000 at `5 1/4` % p.a. in `1 1/3` years
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Solution
Here, P = Rs.40, 000; r = `5 1/4`% p.a. = `21/4` % ; t = `1 1/3` years
For the first year: t = 1 year
S.I. = `("P" xx "r" xx "t")/100`
S.I. `("Rs" 40000 xx 21 xx 1)/(100 xx 4)`
S.I. = Rs2, 100
A=P+S.I.
=Rs ( 40,000 + 2, 100) = Rs 42, 100 = new principal
For the second year: t = 1/3 year; P=Rs 42, 100
S.I. = `("P" xx "r" xx "t")/100`
S.I. `("Rs" 42100 xx 21 xx 1)/(100 xx 4 xx 3)`
S.I. = Rs736. 75
A=P+S.I.
A=Rs ( 42, 100 + 736.75) =Rs 42,836.75
C.I. = Interest in first year +interest in second year
C.I.= Rs (2, 100 + 736.75) =Rs 2,836.75
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