Question

How much will rs 8000 amount to in 16 months at the rate of 9% p.a. compounded annually

Answer 1

Total amount after 16 month = 8981.6 Rs.

Given:

8000Rs amount to in 16 months at the rate of 9% p.a. compounded annually

To find:

Total amount after 16 month.

Explanation:

If we use formula it will have length calculation.

So first we calculate total amount after first year then calculate amount for remaining month

Total amount after first year = 8000 + $\frac{9}{100}$ × 8000

                                               = 8720 Rs.

There are 12 month in a year from the 12 month 4 month should be be consider  it is $\frac{1}{3}$ of 12 month.

So that the rate of interest should be reduced to $\frac{1}{3}$

Rate of interest = $\frac{9}{3}$ =3%

Total amount after 16 month = 8720 + $\frac{3}{100}$ × 8720

                                               = 8981.6 Rs.

Total amount after 16 month = 8981.6 Rs.

To learn more....

1)Bank A is offering 3%,compounded annually, savings account guaranteed for two years. Bank B is offering 2 % compounded half yearly, savings account guaranteed for three-half years.Which bank would yield the most on a principal of ₹5600? What is the amount difference between the two bank accounts?

https://brainly.in/question/7433037

2)Calculate the CI in 28000 at 12% per annum compounded annually for 3 years.

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