Question

13th year compound interest 1024 Find the c.i of l0th year if rate of interest is 14-2/7%.

Answer 1

Interest would be 614.22 ( approx )

Step-by-step explanation:

Since, the compound interest formula is,

$I=P(1+r)^t-P$

Where,

P = principal,

r = rate of interest,

t = number of periods,

If I = 1024, t = 13, r = $14\frac{2}{7}\%=\frac{100}{7}\%=\frac{1}{7}$,

By substituting the values,

$1024 = P(1+\frac{1}{7})^{13}-P$

$1024=P((\frac{8}{7})^{13}-1)$

Using calculator,

$1024 = P(5.67-1)$

$1024=P(4.67)$

$\implies P =\frac{1024}{4.67}=219.27$

Now, if t = 10 years,

$I=219.27(1+\frac{1}{7})^{10}-219.27\approx 614.22$

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