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Question
Calculate the amount and the compound interest for the following:
Rs. 76, 000 at 10 °/o p.a. in `2 1/2` years
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Solution
Here, P = Rs. 76, 000; r = 10 °/o p.a.; t = `2 1/2` years
For the first year: t = 1 year
S.I. = `("P" xx "r" xx "t")/100`
S.I. = `("Rs" 76000 xx 10 xx 1)/100`
S.I. = Rs7, 600
A=P+S.I.
=Rs (76,000 + 7,600) =Rs 83,600 =new principal
For the second year: t = 1 year; P=Rs 83,600
S.I. = `("P" xx "r" xx "t")/100`
S.I. = `("Rs" 83600 xx 10 xx 1)/100`
S.I. = Rs8, 360
A=P+S.I.
A=Rs (83,600 + 8,360) =Rs 91960= new principal
For the third year: t = 1/2 year; P=Rs 91,960
S.I. = `("P" xx "r" xx "t")/100`
S.I. = `("Rs" 91960 xx 10 xx 1)/(100 xx 2)`
S.I. = Rs4, 598
A=P+S.I.
A=Rs (91, 960 + 4,598) =Rs 96,558
C.I. = Interest in first year+ interest in second year+ interest in third year
C.I.= Rs (7,600 + 8,360 +4,598) =Rs 20,558
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