Question

find compound interest paid when a sum of 10000 is invested for 1 year and 3 months at 8½% per annum compounded annually​

Answer 1

Answer:

Rs.1080.5625

Step-by-step explanation:

For first year

P=10000,R=8.5%, T=1

Interest = PRT/100

= (10000×8.5×1)/100

=850

Amount = Interest + Principle =10000+850=Rs.10850

For second year principle will be amount of previous year (since interest is compounded)

P=10850,R=8.5%, T=3months = 3/12

years=0.25years

Interest = PRT/100

= (10850×8.5×0.25)/100

=Rs.230.5625

Total interest =850+230.5625=Rs.1080.5625

∴ Compound interest paid after 1 year and 3months is Rs.1080.5625

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