Question

find compound interest on 30,000 for 2 years and 3 months at 4% per annum compounded annually

Answer 1

Calculating Amount

Here,

P=₹30,000

n = 2yrs and 3months = 2.25yrs

R = 4%p.a.

$\sf\purple {\underline{\underline{\therefore\:\:{A{\:{=P\bigg[1 + \frac{R}{100} \bigg]^n}}}}}}$

$\sf{A = 30000 \times \bigg[1 + \frac{4}{100} \bigg]^{2.25}}$

$\sf{A = 30000×\bigg[ \frac{104}{100} \bigg]^{2.25}}$

$\sf{A =₹32767.73}$

Calculating Compound Interest

CI = A - P

CI = ₹(32767.73 - 30000)

CI = ₹2767.73

Thus, Compound Interest is ₹2,767.73