Question

Find the amount and the compound interest on the following
(a) Principal - rs1200, Rate = 5/2% p.a. and Time = 3 years​

Answer 1

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Answer 2

Answer :

• Amount = Rs. 1200
• Compound interest = Rs. 92.26875

S O L U T I O N :

Given,

• Principal (P) = Rs. 1200
• Rate of interest (R) = 5/2 % ⇒ 2.5 %
• Time (t) = 3 years

To Find,

• Amount and compound interest.

Explanation,

Case (I), Amount,

We know that,

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

[ Put the values ]

⇒ A = 1200(1 + 2.5/100)³

⇒ A = 1200(1 + 0.025)³

⇒ A = 1200(1.025)³

⇒ A = 1200 × 1.076890625

⇒ A = Rs. 1292.26875

Case (II), Compound interest,

We know that,

Compound interest = Amount - Principal

⇒ CI = 1292.26875 - 1200

⇒ CI = Rs. 92.26875

Therefore,

The amount and compound interest is Rs. 1200 and Rs. 92.26875 respectively.