Find Compound Interest paid when a
sum of 240.000 is invested for 2 years 6
months at 20% per annum compounded
annually
Answers
Answer:
The required compound interest = Rs 23,097.6
Step-by-step explanation:
The formula to find the compound interest earned on amount P in t years with growth rate of r compounded annually :-
CI= P((1+\dfrac{r}{100})^t-1)CI=P((1+
100r) t −1)
As per given , we have
P= Rs 40 , 000 , r = 20%
and t=\text{2 years 6 months}=2+\dfrac{1}{2}\text{ years}=\dfrac{5}{2}\text{ years}t=2 years 6 months=2+ 21
years= 25 years
[∵ 1 year = 12 months then \dfrac{1}{2} 21
year = 6 months]
Put all values in the formula ,
CI=40000((1+\dfrac{20}{100})^{\frac{5}{2}}-1)CI=40000((1+10020 ) 25 −1)
CI=40000((1.20)^{\frac{5}{2}}-1)CI=40000((1.20)
25 −1)
CI=40000(1.57744-1)CI=40000(1.57744−1)
CI=40000(0.57744)=23097.6CI=40000(0.57744)=23097.6
Hence, the required compound interest = Rs 23,097.6
# Learn more :
7. At 4% per annum, the difference between
simple and compound interest for 2 years on a
certain sum of money is Rs. 80. Then the principal
sum is (the interest is compounded annually)
(a) Rs. 40,000
(b) Rs. 50,000
(c) Rs. 5,000
(d) Rs. 4,000
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