Question

find the compound interest on a sum of Rs 6280 for one year and seven months at the rate of 8% per annum reckoned yearly.​

Answer 1

Given :   a sum of Rs 6280 for one year and seven months at the rate of 8% per annum reckoned yearly.​

To Find :   the compound interest

Solution:

P = 6280  Rs

R = 8 % pa

T = 1 year 7 months

Interest Earned in 1st year = 6280 * 8 * 1 /100   = 502.4 Rs

Compounded annually

Hence amount after 1 year = 6280 + 502.4 =  6782.4

Interest in next 7 months

= 6782.4  * 8  * (7/12) /100

= 316.512 Rs

Total interest = 502.4  +  316.512

= 818.912 Rs

the compound interest = 818.912 Rs

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