4. Find the compound interest, correct to the nearest rupee, on Rs.2400 for 2½ years at 5 percent per annum.
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Answer:
Principle=2400,time=
2
5
,rateofinterest=5%
Amount=P(1+
100
R
)
t
⇒2400(1+
100
5
)
2
5
⇒2400×
100
105
×
100
105
×
100
102.5
⇒
100000
24×105×105×1025
⇒
100000
271215000
⇒2712.15Rs.
C.I.=2712.15−2400=312Rs.
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