Question

Find the amount and the C.I on24,000 after 2 years compounded annually, the rate of interest being7%P. A during the first year and 15/2 % P. A during the second yearyear



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Answer 1

Answer:

Here is your answer

P = 24000

R = 7% p.a

T = 1 year

n = 1

As we know that

A = P(1+ R/100)^n

So Amount after first year is RS 25680

Which is principal for second year

R = 7 1/2%

= 15/2% p.a

T = 1 year

n = 1

So

A = P(1+R/100)^n

Amount after two years is RS 27606

Compound interest is = A - P

= 27606 - 24000

= Rs 3606