4. find compound interest paid when a sum of ₹ 10000 is invested for 1 year and 3 month at 8¹/2% per annum compounded annually.
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Answer:
Compound interest for 1 year 3 months is 11080.52
Step-by-step explanation:
Given data:
P= ₹ 10000
T=1 year
R=17/2%
I=PTR/100
I=100001 x 17/100 x 2
I=₹ 850
Step 2:
Amount at the end of the 1 year
=P+I
=10000+850
=10850 this is next 3 months principal
Step 3:
P=₹ 10850
T=3 months =3/12=1/4 yr
R=17/2%
I=10850 x 1 x 17/100 x 4 x 2
=18445/80
= Rs. 270.56
Step 4:
At the end of the 1 year 3 months
Amount=P+I
=10850+230.56
=11080.52
Compound interest for 1 year 3 months is 11080.52
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