Find the amount and compound interest on Rs 3000 at 10% per annum for 2 (1/3) years
compounded annually.
Answers
Step-by-step explanation:
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interest after 2(1/3) year is 730 Rs and total amount at the end is 3730 Rs.
given, initial amount, P = 3000
rate of interest per annum, r = 10%
time , n = 2 (1/3) years
so, interest after 2 (1/3) year = compound interest of 2 years + simple interest of (1/3) years
= P(1 + r/100)² - P + P × r × (1/3)/100
= 3000[(1 + 10/100)² - 1] + 3000 × 10 × (1/3)/100
= 3000 [(1 + 1/100 + 2/10 - 1] + 100
= 3000 [ 1/100 + 20/100 ] + 100
= 3000 [21/100] + 100
= 30 × 21 + 100
= 630 + 100
= 730
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