find the compound interest , correct to the nearest rupee, on rupee 2,400 for 2whole 1/2 years 5% per annum
Answers
Answer:
Since the time is fractional it is easier for me to calculate the amount on the whole number years (in this case 2 yrs.) and then calculating interest for fractional yrs.
A=P(1+R/100)^T [where A=amount, P=principal, R=rate and T=time]
A=2400(1+5/100)^2
=2400×21/20×21/20
=2646
Interest for half year=2646×5×1/100×2=66.15
Total interest=66.15+246
=312.15
Answer:
312
Step-by-step explanation:
We first calculate the C.I. for first 2 years and then the S.I. next
2
1
year.
For ,
N=2years
R=5 %
=>P=Rs2,400
And on interest being compounded we have,
Amount=P(1+
100
R
)
N
=2,400×(1+
100
5
)
2
=2,400×1.05
2
=Rs2,646
So, C.I for first 2 years =.=A−P=Rs2,646=Rs2,400=Rs246
This, Rs2,646 is the principal for the next
2
1
year.
So, S.I.=
100
PNR
=
100
2,646×
2
1
×5
=Rs66.15
Thus, total interest =Rs246+Rs66.15=Rs312.15
To the nearest rupee , it is Rs312