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Find the Amount and the Compound Interest on ₹ 4,000 in 2 Years, If the Rate of Interest for the First Year is 10% and for the Second Year is 15%. - Mathematics

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Sum

Find the amount and the compound interest on ₹ 4,000 in 2 years, if the rate of interest for the first year is 10% and for the second year is 15%.

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Solution

Principal (P) = ₹4,000

Time (t) = 2 years

Rate (R1) = 10% and rate (R2) = 15%

Amount =`"P"xx(1+"R"_1/100)(1+"R"_2/100)`

`=₹4,000(1+10/100)(1+15/100)`

`=₹4,000xx11/10xx23/20`

= ₹5060

C.I. = Amount − Principal

= ₹5060 − ₹4000

= ₹1060

Concept: Applications of Compound Interest Formula
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APPEARS IN

Selina Concise Mathematics Class 8 ICSE
Chapter 9 Interest
Exercise 9 (C) | Q 25 | Page 115
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