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Question
Calculate the amount and cornpound interest for the following, when cornpounded annually:
Rs 7 ,500 for `2 1/2` years ; r =16 % p.a.
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Solution
P=Rs 7,500 ; t = `2 1/2` years ; r = 16 % p.a.
`"A" = "P" (1 + "r"/100)^"n"`
A = Rs 7500 `(1 + 16/100)^2 (1 + 16/100)^(1/2)`
= Rs 7500 ×1.16 × 1.16 × `(1 + 1/2 xx 16/100)`
= Rs 7,500 x 1.16 x 1.16 x 1.08
= Rs 10,899.36
C.l. = A - P
= Rs (10,899.36 - 7,500)
= Rs 3,399.36
Hence, Amount= Rs 10,899.36 and C.I. =Rs 3,399.36
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