Question

5. Find the amount and the compound interest on 24.000 after 2 years, compounded
annually, the rate of interest being 7% p.a. during the first year and 7% p.a. during first year and 15/2% per annum during second year.
Answer is ₹27606 and ₹3606. Please tell the solution.

Answer 1

Step-by-step explanation:

P = 24000

R = 7% p.a

T = 1 year

n = 1

As we know that

A = P(1+ R/100)^n

=24000(1+7/100)^1

=24000(100+7/100)

=24000×107/100

=25680

So Amount after first year is RS 25680

Which is principal for second year

R = 15/2% p.a

= 7.5%

T = 1 year

n = 1

A = P(1+R/100)^n

=25680(1+15/2*100)^1

=25680(200+15/200)

=25680×215/200

=27606

Amount after two years is RS 27606

Compound interest is = A - P

= 27606 - 24000

= Rs 3606

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