Question

find the amount and compound interest on Rupees 6250 at 12% per annum for 2 years compounded annually​

Answer 1

Solution

Initial value, P = Rs.6250

Interest rate, R = 8% per annum

Time, n = 1 years

∵ Compounded half-yearly.

∴ Amount (A) = P [1 + (R/2)/100]2n

[Where, P = Present value].

R = Annual interest rate

n = [Time in years]

∴ A = 6250 [1 +(8/2) /100]2

⇒ A = 6250 [1 + 4/100]2

⇒ A = 6250 [1 + 1/25]2

⇒ A = 6250 [26/25]2

⇒ A = 6250 × 26/25 × 26/25

⇒ A = 6250 × 26/25 × 26/25

⇒ A = 250 × 26 × 26/25

⇒ A = 10 × 26 × 26

⇒ A = 6760

∴ Amount = Rs.6760

∴ Compound interest = Rs.(6760 – 6250) [∵CI = A – P]

= Rs.510

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Answer 2

Step-by-step explanation:

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