find the compound interest, correct to the nearest rupee ,on 2400 for two and one by two years at 5% per annum
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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
Sorry it took so long to write the answer! I am a really slow typer!
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
Sorry it took so long to write the answer! I am a really slow typer!
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