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Question
Find the amount and the compound interest payable annually on the following :
Rs.25000 for 1`(1)/(2)` years at 10% per annum.
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Solution
Rs.25000 for 1`(1)/(2)` years at 10% per annum.
Here P = Rs.25000, t = 1`(1)/(2)`years, r = 10%
Now, Amount after 1 year
= `"P"(1 + "r"/100)`
= `25000(1 + 10/100)`
= `25000(1 + 1/100)`
= `25000(11/100)`
= 27500
Thus, principle for the next 6 months = Rs.27500
Interest for the next 6 months
= `(27500 xx 6 xx 10)/(100 xx 12)`
= 1375
Therefore, amount after `1(1)/(2)` years
= Rs.27500 + Rs.1375
= Rs.3875
And CI
= A - P
= Rs.28875 - Rs.25000
= Rs.3875.
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