calculate the compound interest on rupees 5500. for first two years at 8% per annum interest paid half-yearly, 12% per annum for IV year interest compounded annually. find the earning at the end of four years .
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Answer:
Principal for the first year =$5000.
Interest for the first year = $5000×8×1100 = $400.
Amount at the end of the first year $(5000 + 400) = $5400.
Principal for the second year = $5400.
Interest for the second year = $5400×8×1100 = $432.
Amount at the end of the second year = $(5400 + 432) = $5832.
Principal for the third year = $5832.
Interest for the third year = $5832×8×1100 = $466.56
Amount at the end of the third year = $(5832 + 466.56) = $6298.56
Therefore, compound interest = $(6298.56 - 5000) = $1298.56
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