Question

Find the amount and the compound interest on rupees 24000 after 2 years compounded annually the rate of interest being 7% per annum during the first year 7 whole 1 upon 2% per annum during the second year

Answer 1

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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
$= 24000 \times (1 + \frac{7}{100} ) {}^{1} \\ \\ = 24000( \frac{100 + 7}{100} ) \\ \\ = \frac{24000 \times 107}{100} \\ \\ = 25680$
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
$= 25680 \times (1 + \frac{15}{2 \times 100} ) {}^{1} \\ \\ = 25680 \times ( \frac{200 + 15}{200} ) \\ \\ = 25680 \times \frac{215}{200} \\ \\ = 27606$
Amount after two years is RS 27606

Compound interest is = A - P
= 27606 - 24000
= Rs 3606

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Answer 2

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