Question

being compounucu
13. Calculate the amount due and the compound
interest on 40000 for 2 years when the rate
of interest successive years is 7% and 8%
respectively,​

Answer 1

Answer:

Amount Due = Rs. 46224

Compound Interest = Rs. 6224

Step-by-step explanation:

Principal = Rs. 40000

Time = 2 years

Successive Rate of Interest for 2 years are 7% & 8% respectively.

i) Amount Due on Rs. 40000 for 2 years at the successive rates of 7% & 8% respectively

= Rs. 40000 × (1 + 7/100) × (1 + 8/100)

= Rs. 40000 × 107/100 × 108/100

= Rs. 46224

ii) Compound Interest on Rs 40000 for 2 successive years at the rate of Interest of 7% & 8% respectively = Rs. (46224 - 40000)

= Rs. 6224