Question

Find compound interest for RS 48000 for 1 1/2 years at the rate of 8 p.c.p.a

Answer 1

Answer:

Compound interest is Rs. 5913.6

Step-by-step explanation:

Given: P = Rs. 48,000

           R = 8 % p.a

           $T=1\frac{1}{2}\,years$

To find: Compound Interest compounded yearly

First we find amount after 1 year using compound interest formula then using that amount we found interest for next 6 month or half year using Simple Interest formula,

Amount for 1st year,

$A=P\times(1+\frac{R}{100})^n$

$A=48000\times(1+\frac{8}{100})^1$

$A=48000\times(\frac{108}{100})$

$A=480\times108\\A=Rs.\,51840$

⇒ Interest for first year = A - P = 51840 - 48000

                                       = Rs. 3840

Now using this amount we find interest for next half year

$SI=\frac{P\times R\times T}{100}$

$SI=\frac{51840\times8\times\frac{1}{2}}{100}$

$SI=518.4\times4$

$SI=Rs.\,2073.6$

⇒ Compound interest = 3840 + 2073.6

                                    = Rs. 5913.6

Therefore, Compound interest is Rs. 5913.6