(a) Find the compound interest on a sum of Rs. 6,280 for one year and seven months at the rate of 8% per annum reckoned yearly.
Answers
Answer:
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1) Compound Interest for the First Year = 6280 * 8%
= 502.4
2) Principal Amount at the beginning of the second Year = 6280 + 502.4
= 6782.4
3) Compound Interest for 7 months of the Second Year = 6782.4 * 8% * 7/12
= 316.512
Therefore, Total Interest = 502.4 + 316.512
= 818.91
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Step-by-step explanation:
Given : a sum of Rs 6280 for one year and seven months at the rate of 8% per annum reckoned yearly.
To Find : the compound interest
Solution:
P = 6280 Rs
R = 8 % pa
T = 1 year 7 months
Interest Earned in 1st year = 6280 * 8 * 1 /100 = 502.4 Rs
Compounded annually
Hence amount after 1 year = 6280 + 502.4 = 6782.4
Interest in next 7 months
= 6782.4 * 8 * (7/12) /100
= 316.512 Rs
Total interest = 502.4 + 316.512
= 818.912 Rs
the compound interest = 818.912 Rs
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