Question

7. Find the amount and compound interest on
₹10,752 at 25/2 % p.a. for 3 years.

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Answer 1

Answer:

Amount=Rs 15309

Compound interest = Rs 4557

Step-by-step explanation:

Given :

Principal = Rs 10752

Rate of interest = 25/2 %p.a. = 12.5 % p.a.

Time = 3 years

Formula to find the Amount:

$Amount=Principal(1+\dfrac{Rate}{100})^{Time}$

$Amount=10752(1+\dfrac{12.5}{100})^3$

$Amount=10752\times\dfrac{112.5}{100} \times\dfrac{112.5}{100} \times\dfrac{112.5}{100}$

Amount = Rs 15309

Formula to find the Compound interest :

Compound interest = Amount - Principal

Compound interest = 15309 - 10752=Rs 4557

Answer 2

Formula:

If C be the compound interest on any sum P at the rate of r% p.a. for t years, amount (sum + compound interest) be P (1 + r/100)ᵗ.

Solution:

Given that,

P = Rs. 10752, r = 25/2% and t = 3 years

Thus using the above rule, we get the amount as

= Rs. 10752 * {1 + (25/2)/100}³

= Rs. 10752 * 1.125³

= Rs. 15309

Therefore, amount = Rs. 15309

Now, the compound interest is

= Rs. (15309 - 10752)

= Rs. 4557