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Question
Calculate the amount and the compound interest for the following:
Rs.16, 000 at 15 °/o p.a. in `2 2/3` years
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Solution
Here, P = Rs.16, 000 ; r = 15 °/o p.a. ; t = `2 2/3` years
For the first year: t = 1 year
S.I. = `("P" xx "r" xx "t")/100`
S.I. = `("Rs" 16000 xx 15 xx 1)/100`
S.I. = Rs21 400
A=P+S.I.
=Rs ( 16,000 + 2,400) = Rs 18,400 = new principal
For the second year: t = 1 year; P=Rs 18,400
S.I. = `("P" xx "r" xx "t")/100`
S.I. = `("Rs" 18400 xx 15 xx 1)/100`
S.l. = Rs2, 760
A=P+S.I.
A=Rs (18,400 + 2,760) =Rs 21,160 =new principal
For the third year: t = 2/3 year; P=Rs 21, 160
S.I. = `("P" xx "r" xx "t")/100`
S.I. = `("Rs" 21160 xx 15 xx 2)/(100 xx 3)`
S.l. = Rs2116
A=P+S.I.
A=Rs (21, 160 + 2116) = Rs 23,276
C.l. = Interest in first year + interest in second year +
interest in third year
C.l. = Rs (2,400 + 2, 760 +2116) = Rs 7,276
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