Calculate the compound interest on 10,000 for 2 1/2 year at the rate of 10% per annum compounded and annually
Answers
p=₹10,000
r=10%p.a.
t=2(1/2)
interest for 1st year= (10,000*1*10)/100
=₹1,000
amt: ₹10,000+1,000=11,000
interest for 2nd year=(11,000*1*10)/100
=₹1,100
amt: ₹11,000+1,100=12,100
interest for 1/2 year=(12,100*1*10)/100*2
=₹605
amt:12,100+605=12,705
ci:12,705–10,000=₹2,705
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[tex]principal \: amount =p = rs.10000 \\ period = n = 2 \frac{1}{2} years = 2.5years \\ rate \: of \: compound \: interest = 10\% \\ using \: the \: formula \\ total \: amount = p(1 + \frac{r}{100} ) {n}^{} \\ total \: amount = 10000(1 + \frac{10}{100} ) {2.5}^{} \\ total \: amount = 10000 \times (\frac{110}{100}) {2.5} \\ total \: amount = 10000 \times (1.1) {2.5}^{} \\ total \: amount = 10000 \times 1.26905871 \\ therefore \\ total \: amount = 12690.59rs \\ compound \: interest = total \: amount - principal \: amount \\ therefore \\ compound \: interest = 12690.59 - 10000 \\ compound \: interest = 2690.59rs