Question

find the compound interest on 24000 at 15% per annum compounded annually for two years four months​

Answer 1

Answer

Find compound interest on rupees 24000 at 15% per annum for 2 1/3 years

METHOD 1: Without formula

Principal = Rs 24000

Interest rate = 15%

At the end of 1 year:

Principal + Interest = 24000 + (0.15 x 24000) = Rs 27600

At the end of 2 year:

Principal + Interest = 27600 + (0.15 x 27600) = Rs 31740

At the end of 2 1/3 year:

Principal + Interest = 31740 + 1/3 (0.15 x 31740) = Rs 33327

Compound Interest = 33327 - 24000 = Rs 9327

Answer: Compound Interest = Rs 9327

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METHOD 2 : With Formula

Amount = 24000 × (1 + 15/100)² × [1 + (1/3 × 15)/100]

Amount = Rs 33327

Compound Interest = 33327 - 24000 = Rs 9327

Answer: Compound Interest = Rs 9327

Step-by-step explanation:

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Answer 2

Answer:

the compound interest is Rs.9,327

Step-by-step explanation:

Compound interest is the addition of hobby to the major sum of a mortgage or deposit, or in different words, intrest on principal plus interest.

• Principal=P=24,000
• Rate of interest=r=15%
• Time=n=2⅓ years

Here first we take n=2years

A=P(1+ r/ 100) ^n

in which A=Amount

and n=wide variety of years

A=24000(1+ 15/100)²

=24000× 115/100 × 115/100

=Rs.31,740‬

The quantity after 2 years is Rs31,740‬

Now principal=Rs.31,740‬

Simple interest for last ⅓ yr is

=PRT/100

=31,740‬× 15/100 × ⅓

=Rs 1587

Now , quantity after 2⅓ yr= Rs.31740+1587= Rs.33,327

C.I =A−P

∴C.I=33,327−24,000=Rs.9,327‬

∴ the compound interest is Rs.9,327

(#SPJ2)