Question

find the compound interest on rs 31250 at 8% per annum for 2 3/4 years interest being compound anually.

Answer 1

Solutions :-

Given :
Principle = p = Rs 31250
Rate = r = 8% per annum = 0.08
Time = t = 2¾ years = 2.75 years

To find :- Compound Interest = C.I

Find the Amount (A) :-

A = p (1 + r)^t
= 31250 (1 + 0.08)^2.75
= 31250 (1.08)^2.75
= 31250 × 1.2357064899
= 38615.83 approx.

Find the compound interest :-

C.I = A - p
= Rs (38615.83 - 31250)
= Rs 7365.83

Hence,
Compound Interest = Rs 7365.83

Answer 2

Here is your solution

Given that :-

Principle(p) = Rs 31250

Rate(r) = 8% /year = 0.08 year

Time(t)= 2¾ years = 2.75 years

NOW

We have to find Compound Interest and amount :-

Amount =?

A = p (1 + r)^t
=> 31250 (1 + 0.08)^2.75
=> 31250 (1.08)^2.75
=> 31250 × 1.2357064899
=> 38615.83 (approx.)✔

Hence

Amount is Rs 38615.83

compound interest =?

Compound interest = Amount - principal

=> Rs38615.83 - Rs 31250

=> Rs 7365.83✔

Hence,

Compound Interest is Rs 7365.83

Hope it helps you