Question

Find the amount of Rs. 12000 after 2 years compounded annually the rate of interest being 5% p. a. during the first year and 6% p. a. during the second year. Also find the compound interest?

Answer 1

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$<i><font face=Times New Roman size=4>$Given,

Principal (P) = Rs 12000

Rate of interest during first year (R) = 5% p.a.

Rate of interest during second year (Q) = 6% p.a.

•°• Amount after 2 years

$\tt{ = P \times (1 + \frac{R}{100} ) \times (1 + \frac{Q}{100} )}$

$\tt{ = Rs \: \: 12000 \times (1 + \frac{5}{100} ) \times (1 + \frac{6}{100} )}$

$\tt{ = Rs \: \: 12000 \times \frac{21}{20} \times \frac{53}{50}}$

= Rs 12 × 21 × 53

= Rs 13356

CI = A - P

= Rs (13356 - 12000)

= Rs 1356