find the compound interest on rupees 24,000 at 15% annum compounded annually for 2 years 4 months
Answers
Answer:
Compound Interest = Rs 9327
Step-by-step explanation:
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
Answer:
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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