Find the sum if the amount at the end of 2 years at 10% compounded annually is 7986.
Answers
Answer:
the principal compounded for 2 years at rate of 10 percent annually is 660 rs.
Answer:
When the rate is calculated half-yearly,
R becomes R/2.
T becomes 2T
R = 20%/2 = 10%
T = 2 × (3/2) = 3 years
P = Rs. 6000, T = 3 years and R = 10%
F1 Amit Madhuri 23.07.2021 D1
Now,
⇒ 1000 units ≡ Rs. 6000
⇒ 1 unit ≡ Rs. 6
⇒ 1331 units ≡ Rs. 7986
∴ The amount is Rs. 7986.
Traditional method:
Given:
Principal = Rs. 6000
T = 3/2 years
R = 20%
Concept used:
When the rate is calculated half-yearly,
R becomes R/2.
T becomes 2T.
Formula used:
A = P(1 + R/100)T
Where,
A = Amount, P = Principal or Sum,
R = Rate of interest, T = Time
Calculation:
According to the question,
R = 20%/2 = 10%
T = 2 × 3/2 = 3 years
A = P(1 + R/100)T
⇒ A = 6000 × (1 + 10/100)3
⇒ A = 6000 × (11/10)3
⇒ A = 6000 × (1331/1000)
⇒ A = 7986
∴ The amount is Rs. 7986.