Question

Find the CI on₹ 31250 at 8% per annum for
$2 \times \frac34 \: years$
​

Answer 1

Solutions :-

Given :

Principle = p = Rs 31250

Rate = r = 8% per annum = 0.08

Time = t = 2¾ years = 2.75 years

To find :- Compound Interest = C.I

Find the Amount (A) :-

A = p (1 + r)^t

= 31250 (1 + 0.08)^2.75

= 31250 (1.08)^2.75

= 31250 × 1.2357064899

= 38615.83 approx.

Find the compound interest :-

C.I = A - p

= Rs (38615.83 - 31250)

= Rs 7365.83

Hence,

Compound Interest = Rs 7365.83