Find compound interest paid when a sum of rupees 10,000 is invested for 1 year and 3 months 4.7 % per annum compounded annually
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Step-by-step explanation:
CI = 1073.557 Rs.
Step-by-step explanation:
In the question,
Principal Amount, P = 10000 Rs.
Time, t = 1 year 3 months = 5/4 = 1.25 years
Rate of Interest, r = 17/2 = 8.5%
So,
From the formula of Compound Interest, we can say that,
CI=P(1+\frac{r}{100})^{t}-PCI=P(1+
100
r
)
t
−P
Therefore, on putting the respective values in the given equation of the Compound Interest, we get,
\begin{gathered}CI=P(1+\frac{r}{100})^{t}-P\\CI=10000(1+0.085)^{1.25}-10000\\CI=1073.557\end{gathered}
CI=P(1+
100
r
)
t
−P
CI=10000(1+0.085)
1.25
−10000
CI=1073.557
Therefore, the Compound Interest is given by,
CI = 1073.557 Rs.
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