Question

Compound Interest on Rs 16000 at 15% p.a.for 2 1/3 years is

Answer 1

Time =2 1/3 = 7/3 year

A = P [(1 + R)/100] ^(time)

A = 16172.92Rs.

Ci =P - A

Ci = 172.92Rs.

Answer 2

p = 16000

r = 15o/o

t = 2 1/3

=7/3

A = p [ 1 + (r/100)]^t

A = 16000 [ 1+ (15/100)]^7/3

=16000 × 1.386

= 22169.11

I = A- P

=22169.11-16000

=6169.11