Question

3. Find the compound interest on 24,000 at 15% per
annum for 7/3 years compounded annually.​

Answer 1

Answer:

METHOD 1: Without formula

Principal = Rs 24000

Interest rate = 15%

Time = 7/3 = 2 1/3

At the end of 1 year:

Principal + Interest = 24000 + (0.15 x 24000)  = Rs 27600

At the end of 2 year:

Principal + Interest = 27600 + (0.15 x 27600)  = Rs 31740

At the end of 2 1/3 year:

Principal + Interest = 31740 + 1/3 (0.15 x 31740)  = Rs 33327

Compound Interest = 33327 - 24000 = Rs 9327

Answer: Compound Interest = Rs 9327

METHOD 2 : With Formula

Amount = 24000 × (1 + 15/100)² × [1 + (1/3 × 15)/100]

Amount = Rs 33327

Compound Interest = 33327 - 24000 = Rs 9327

Answer: Compound Interest = Rs 9327

hope it helps u !!

Answer 2

Principal=P=24,000  

Rate of interest=r=15%  

Time=n= 7/3 years  

Here first we take n=2years  

A=P(1+r /100)^n where A=Amount and n=number of years

A=24000(1+15/ 100)² =24000×115 /100×115/100=Rs.31,740‬

The amount after 2 years is Rs31,740‬

Now principal=Rs.31,740‬

Simple interest for last 1/3 year is PRT /100=31,740‬×15 /100×1 /3= Rs.1,587

∴ Amount after 2  1/3 year= Rs.31740+1587= Rs.33,327  

C.I =A−P

∴C.I=33,327−24,000=Rs.9,327‬

∴ the compound interest is Rs.9,327‬