Question

Find the compound interest paid when a sum of Rs.10000 is invested for 1 year and 3 months at 8 1\2% per annum compounded annually.

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Answer 1

Given:-

Sum of Rs.10000 is invested for 1 year and 3 months at 8 1\2% per annum compounded annually.

To Find:-

The Compound interest paid When PTR is given.

Solution:-

➵ For the first year

P= 1,000 , R=8.5% , T=1

$\: interest = \frac{PTR}{100}$

$\: \: \: \: \: \: = \frac{(10000 \times 8.5 \times 1)}{100}$

$\: \: \: \: \: \: \: = 850$

➠ Amount = Interest + Principle+ 10000 + 850 =Rs. 10850

➵ For Second year

Principle Will be amount of previous year (Since interest is Compounded)

P=10850, R=8.5%, T=3 months

$\: \: \: = \frac{3}{2} years = 0.2years$

$\: \: Intrest = \frac{PTR}{100}$

$\: \: = \frac{(10850 \times 8.5 \times 0.25)}{100}$

$\: \: \: Rs.230.5625$

➠ Total interest = 850+230.5625 = Rs. 1080.5625

Final Answer:-

∴ Compound interest paid after 1 year and 3 Months is Rs. 1080.5625

Answer 2

Answer:

For the first year

P= 1,000 , R=8.5% , T=1

interest=PTR100\: interest = \frac{PTR}{100}interest=

100

PTR

=(10000×8.5×1)100\: \: \: \: \: \: = \frac{(10000 \times 8.5 \times 1)}{100}=

100

(10000×8.5×1)

=850\: \: \: \: \: \: \: = 850=850

➠ Amount = Interest + Principle+ 10000 + 850 =Rs. 10850

➵ For Second year

Principle Will be amount of previous year (Since interest is Compounded)

P=10850, R=8.5%, T=3 months

=32years=0.2years\: \: \: = \frac{3}{2} years = 0.2years=

2

3

years=0.2years

Intrest=PTR100\: \: Intrest = \frac{PTR}{100}Intrest=

100

PTR

=(10850×8.5×0.25)100\: \: = \frac{(10850 \times 8.5 \times 0.25)}{100}=

100

(10850×8.5×0.25)

Rs.230.5625\: \: \: Rs.230.5625Rs.230.5625

➠ Total interest = 850+230.5625 = Rs. 1080.5625

∴ Compound interest paid after 1 year and 3 Months is Rs. 1080.5625