Question

Find compound interest on dollar 7000at 10percent per annum for 2years 5months, compounded anyally

Answer 1

Given :-

♠ Principal(P) = $ 7000

♠ Rate(r) = 10 %

♠ Time(n) = 2 years 5 months

To find :-

The compound interest(C.I).

Solution :-

Time = 2 years 5 months = (24 + 5)/12 = 29/12 years.

$\displaystyle{A=P(1+\frac{r}{100})^n }\\\\\displaystyle{\implies A=7000(1+\frac{10}{100})^ \frac{29}{12} }$

$\displaystyle{\implies A=7000(1+0.1)^\frac{29}{12} }\\\\\displaystyle{\implies A=7000(1.1)^\frac{29}{12} }\\\\\displaystyle{A=7000(1.1)^2^.^4^1^6}\\\\\displaystyle{\implies A=7000*1.258}\\\\\bold{\displaystyle{\implies A=\ \ 8812.57}}$

Now,

C.I = A - P

⇒C.I = 8812.57 - 7000

$\boxed{\implies C.I = \ \ 1812.57}$

Answer 2

......

$\tt{\huge{\purple{ .................. }}}$

QUESTION -

Find compound interest on dollar 7000at 10percent per annum for 2years 5months, compounded anyally.

SOLUTION :

From the above Question, we can get the following information....

The principle is 7000 dollars.

Rate = 10 % per annum.

T = 2 ( 5 / 12 ) years = 2.41667 years approx.

A = 7000 × ( 1.1 ) ^ 2 .41667 = Rs. 7000 × 1.26 approx

CI = 7000 × ( 1.26 - 1 )

=> Rs. 26 × 70 => Rs. 1820 ......... [ A ]