Question

Find the amount of compound interest on RS 10000 for 2.5 years at 20 percent per annum if interested is compound

Answer 1

Step-by-step explanation:

First calculate for 2 years.

$\implies$ $A=P{\Large(}1+{\Large\frac{r}{100})}^{n}$

$\implies$ $A=10,000{\Large(}1+{\Large\frac{20}{100})}^{2}$

$\implies$ $A=10,000{\Large(}{\Large\frac{120}{100})}^{2}$

$\implies$ $A=10,000×{\Large\frac{6}{5}}×{\Large\frac{6}{5}}$

$\implies$ $A=14,400$

Now calculate for 1/2 year :

$\implies$ $SI={\Large\frac{PTR}{100}}$

$\implies$ $SI={\Large\frac{14,400×1×20}{100×2}}$

$\implies$ $SI=1,440$

$\implies$ $A=P+SI$

$\implies$ $A=14,400+1,440$

$\implies$ $\boxed{Amount=15,840}$

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