Question

Aparna borrows a sum of Rs.2500 for 2 years 3months at 8% p.a. compounded annually. Find the amount at the end of 2years 3 months

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Answer 1

Answer:

P(1)=Rs2500, r%-8, A for 2 Years

A=2500(1+8/100)^2=2916

P(2)=Rs2916, r%-8, I for 3 months

I=(2916*8*3/12)/100=58.32

A(2)=2916+58.32=2974.32

The amount at the end of 2 years 3 months is Rs2974.32