Question

Mohan deposit rupees 8000 in SBI for 15 months if the bank paste compound interest at 12% per annum then find the amount of interest received by him .solve the question in Formula A=P(1+R%/100)power T.

Answer 1

Answer:

Interest = Rs. 1217.48

Step-by-step explanation:

A= Amount due

Principal amount (P) =8000

Compounded yearly n = 1

Time (t)= 15 months = 15/12 years

Rate = 12% = 0.1  2

Formula for compound interest is  

A = P(1+$\frac{r}{n}$)^{nt}

    =  8000(1+0.12)^{15/12}

    = Rs. 9217.48

Interest = Amount - principal amount  

             = Rs. 1217.48

Therefore, the interest = Rs. 1217.48