Asha lent out 24000 to Sabina as loan at the rate of 10% pa. compounded annually. What
amount will she get back after 2 years 5 months?
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Amount at the end of 1 year=Principal+Interest
Interest=
100
PRT
=
100
24000×1×10
=Rs.2400
∴Amount at the end of 1 year=24000+2400=Rs.26400
Interest for the 2 year=
100
26400×10×1
=Rs.2640
Amount at the end of 2 year=26400+2640=Rs.29040
Let he return Rs.x at the end of first year
∴29040−x=12540
⇒x=29040−12540
⇒x=Rs.15000
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