Question

find the amount and compound interest on24000. after 2 year compounded annually. the rate of interesr being7% p.a. during first year abd15/2 %during second year .

Answer 1

Interest of First year= Principal×Time×Rate
_______________
100
= 24000×1(Year)×7(Rate)
_______________
100
=240×7
=1680
$240 \times 7 = 1680$

Amount at the end of first year= 24000+1680
=25680
Interest of 2nd year = (Same Formula as Above).
=25680×15/2×1
_____________
100
= 1926
Amount at the end of 2nd year= 25680+1926
= 27606

And CI= 1st year+2nd year
=1680+1926
= 3606

and here's your ans.. woah took me a while to type it all off xD