Question

9. Find the compound interest on 62500 at 8% per annum for 2×3/4​ years

Answer 1

Answer:

Step-by-step explanation:

we shall do it in form of simple interest because in compound the fraction in years is too lengthy .

$2 * \frac{3}{4}$ = $\frac{3}{2}$

I =  $\frac{62500 * 8 * \frac{3}{2} }{100}$

I = $\frac{750000}{100}$

I = 7500

Now for  $\frac{1}{2} year$

62500 + 7500 = 70000

I = $\frac{70000 * 8 * \frac{1}{2} }{100}$

I = $\frac{280000}{100}$

I = 2800

Amount = 72800

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Answer 2

Answer:

The amount is Rs.70304 and Compound interest is Rs.7804

Step-by-step explanation:

Principal = 62500

Time = 3/2 years

Rate of interest = 8 % = 0.08

Compounded half yearly

No. of compounds per year = 2

Formula : $A=P(1+\frac{r}{n})^{nt}$

$A=62500(1+\frac{0.08}{2})^{2*\frac{3}{2} }$

$A=70304$

Interest = Amount - Principal = 70304- 62500=7804

Hence the amount is Rs.70304 and Compound interest is Rs.7804