pound annually. 4. Find the amount and the compound interest on rs6500 for 2 years, compounded annually, the rate of interest being 5% per annum during the first year and 6% per annum during the second year.
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Answer:
For first year
P=6500,R=5%, T=1
Interest =
100
PRT
=
100
(6500×5×1)
=325
Amount = Interest + Principle =325+6500=Rs.6825
For second year principle will be amount of previous year (since interest is compounded)
P=6825,R=6%, T=1
Interest =
100
PRT
=
100
(6825×6×1)
=Rs.409.5
Amount=P+I=6825+409.5=7234.5
Total interest =325+409.5=Rs.734.5
∴ Amount after 2 years will be Rs.7234.5 and interest Rs.734.5
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