Find the compound interest on Rs. 8.000 at
15% per annum for 2 years and 4 months.
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Answer:
It is given that
Principal (P) = 2500
Rate of interest (r) = 4% p.a. or 2% half-yearly
Period (n)= 2 years or 4 half- years
We know that
SI= Prt/100
Substituting the values
= (2500×4×2)/100
= 200
If compounded semi-annually
A = P(1+r/100)
n
Substituting the values
= 2500(1+2/100)
4
By further calculation
=2500×51/50×51/50×51/50×51/50
= 2706.08
We know that
CI = A - P
Substituting the values
=2706.08−2500
=206.08
So the difference between CI and SI =206.08−200=6.08
Step-by-step explanation:
Hope it helps
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