Question

(1) find the coumpound interest on

7000 in 3 year and 4 Month at 5% per annum reckoned annually
​

Answer 1

Answer:

Principal =7000, R =4%, n =2 (semiannually compounded),

t =3 years

Using the formula, we have

A=P(1+

100

R

)

n.t

⇒A=7000(1+

100

4

)

2×3

⇒A =7000×(1.04)

6

⇒A =7000×1.26531902

Amount =8857.23

Compound interest = Amount − Principal

=8857.23−7000

Compound interest =1857.23

Answer 2

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