Question

Find the compound interest on investing ₹ 30000 for 2 years and 4 months at 5% annual interest rate. While interest is compounded annually.​

Answer 1

Answer:

Find the compound interest on investing ₹ 30000 for 2 years and 4 months at 5% annual interest rate. While interest is compounded annually.₹2999Only

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Answered

Calculate the amount of ₹30000 at the end of 2 years 4 months, compounded annually at 10% per annum.

 

Asked by mahimakushwaha12.9sdatl | 23rd May, 2020,  08:59: PM

Expert Answer:

Interest for the 1st year = Rs ( 30000 x 10 /100  x1 )  = 3000

Amount at the end of 1st year = 30000 + 3000 =  33000 Rs 

Principal for the 2nd year = 33000 Rs 

Interest for the second year =(  33000 x 10/100 x 1) = 3300

Amount at the end of 2nd year = 33000 + 3300 = 36300 

Principal for the 3rd year = 36300 

Interest for the 4 months = 36300 x 4/12 x 10 x 1/100 = 1210 

Hence, the amount at the end of the 4 months = 36300 + 1210 = 37510  

 

 

This can be solved using the compound interest formula as well