Question

17. What is the compound interest on a sum of Rs. 10,000 at 18% per annum for 5 years, 9 where the interest is compound yearly?
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Answer 1

Answer:

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Explanation:

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Answer 2

QUESTION:

• What is the compound interest on a sum of Rs. 10,000 at 18% per annum for 5 years, 9 where the interest is compound yearly?
• What is the compound interest on a sum of Rs. 10,000 at 18% per annum for 5 years, 9 where the interest is compound yearly?

ANSWER:

Given:

• Principal = Rs. 10,000

• Rate = 18% per annum

• Time = 8 months

Formula used:

• CI = Amount - Principal

• A = P[1 + (R/n100)]nt

Where, CI = Compound Interest, A = Amount, P = Principal, R = Rate, t = time, n = Number of times compounded per year

Calculation:

Rate of interest (R) = 18% per annum

Time (t) = 8 months = 8/12 years

Compounded per year (n) = 12/4 = 3

As we know that

A = P[1 + (R/n100)]nt

⇒ 10,000 × [1 + (18/3 × 100)]3 × (8/12)

⇒ 10,000 × [1 + 6/100]2

⇒ 10,000 × (53/50) × (53/50)

⇒ Rs. 11,236

Now, CI = Amount - Principal

⇒ Rs. (11,236 - 10,000)

⇒ Rs. 1236

∴ The compound Interest is Rs 1236