Question

find compound interest on rupees 24000 at 15% per annum for 2 1/3 years

Answer 1

METHOD 1: Without formula

Principal = Rs 24000

Interest rate = 15%

At the end of 1 year:

Principal + Interest = 24000 + (0.15 x 24000)  = Rs 27600

At the end of 2 year:

Principal + Interest = 27600 + (0.15 x 27600)  = Rs 31740

At the end of 2 1/3 year:

Principal + Interest = 31740 + 1/3 (0.15 x 31740)  = Rs 33327

Compound Interest = 33327 - 24000 = Rs 9327

Answer: Compound Interest = Rs 9327

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METHOD 2 : With Formula

Amount = 24000 × (1 + 15/100)² × [1 + (1/3 × 15)/100]

Amount = Rs 33327

Compound Interest = 33327 - 24000 = Rs 9327

Answer: Compound Interest = Rs 9327

Answer 2

Answer:

Step-by-step explanation:

Principal = Rs 24000

Interest rate = 15%

At the end of 1 year:

Principal + Interest = 24000 + (0.15 x 24000)  = Rs 27600

At the end of 2 year:

Principal + Interest = 27600 + (0.15 x 27600)  = Rs 31740

At the end of 2 1/3 year:

Principal + Interest = 31740 + 1/3 (0.15 x 31740)  = Rs 33327

Compound Interest = 33327 - 24000 = Rs 9327