Find compound interest on $20000 f or 2 years and 3 months at 40% per annum compounded
annually.
Answers
Answered by
1
Answer:
principle=$20000
rate of interest=40%
time=2years3months
compound interest of 2 year
=p(1+r/100)to the power 2
=20000(1+40/100)to the power 2
=20000×104/100×104/100
=21632
and simple interest of 2 months
prt/100
=20000×40×2/100
=1600
total compound interest of 2 year 2 months
=21632+1600
=23232
Answered by
0
Step-by-step explanation:
Let the time be n years
So, R=40/2
= 20%
Principal = Rs. 20,000
T= 2 x n = 2n years
= 2 x 1 years
= 2 years
Now using the formula A=P(1 +R/200)^2n
A = 20,000(1+40/200)^2
= 20,000 x 6/5 x 6/5
= 28,800 /-
CI = A - P
= 28,800 - 20,000
= 8,800
Hence the CI is Rs. 8,800 compounded half Yearly
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