Abhimanyu invested Rs 100000 at 13 % per annum compounded annually. Find the following: (i) The amount standing to his credit at the end of the second year. (ii) The interest for the third year.
Answers
Answer:
Given ;
• Amount = ₹1,00,000
• Rate = 13% p.a.
• Time = 3 years ( according to understanding )
__________________________
Now , Asked is ;
(i) The amount standing to his credit at the end of the second year.
(ii) The interest for the third year.
__________________________
(i) First Question ;
• We know the Formula ;-
=> A = P ( 1+R x 1/2 ÷ 100 )2n
=> A = 100000 ( 1 + 13 x 1/2 ÷ 100 )4
=> A = 100000 ( 1 + 6.5/100)4
=> A = 100000 ( 106.5/100)4
=> A = 100000 x 106.5/100 x 106.5/100 x 106.5/100 x 106.5/100
=> A = ₹ 128,646.63
• Hence , the amount standing to his credit at the end of the second year is ₹ 128,646.63.
________________________
(ii) Second Question ;-
• According to the formula above discussed ;-
=> A = P ( 1+R x 1/2 ÷ 100 )2n
=> A = 128,646.63 ( 1 + 6.5 /100 )2
=> A = 128,646.63 x 106.5/100 x 106.5/100
=> A = ₹ 145,914.23
• We know that ;
=> CI = A - P
=> CI = 145,914.23 - 100000
=> CI = ₹ 45,914.23
Hence ,
The CI = ₹ 45,914.23 and as above taken interest for the third year is 128,646.63.
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Answer:
Answer:
Given ;
• Amount = ₹1,00,000
• Rate = 13% p.a.
• Time = 3 years ( according to understanding )
__________________________
Now , Asked is ;
(i) The amount standing to his credit at the end of the second year.
(ii) The interest for the third year.
__________________________
(i) First Question ;
• We know the Formula ;-
=> A = P ( 1+R x 1/2 ÷ 100 )2n
=> A = 100000 ( 1 + 13 x 1/2 ÷ 100 )4
=> A = 100000 ( 1 + 6.5/100)4
=> A = 100000 ( 106.5/100)4
=> A = 100000 x 106.5/100 x 106.5/100 x 106.5/100 x 106.5/100
=> A = ₹ 128,646.63
• Hence , the amount standing to his credit at the end of the second year is ₹ 128,646.63.
________________________
(ii) Second Question ;-
• According to the formula above discussed ;-
=> A = P ( 1+R x 1/2 ÷ 100 )2n
=> A = 128,646.63 ( 1 + 6.5 /100 )2
=> A = 128,646.63 x 106.5/100 x 106.5/100
=> A = ₹ 145,914.23
• We know that ;
=> CI = A - P
=> CI = 145,914.23 - 100000
=> CI = ₹ 45,914.23
Hence ,
The CI = ₹ 45,914.23 and as above taken interest for the third year is 128,646.63.
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