Question

Q1. Aaron deposited Rs14600 at a rate of 14% (p.a) for 175 days. Find the amount he got back after 175 days.
Q2. Sara deposited Rs 1435 for 3 years and 9 months at the rate of 5% p.a. Find the amount at maturity.

Answer 1

1.
Here,
P = ₹14,600
R%= 14%
T= 175 days = 5.5 months
Therefore,
Using the formula: A=P(1+r/100)^n , we can find out.
Therefore calculate.

Answer 2

Solution :-

Question 1 -

P = Rs. 14600

R = 14 %

Time = 175 days or 5 months 15 days or 5 1/2 months = 11/2 months

Simple Interest = (P*R*T)/100

⇒ (14600*14*11)/(100*2*12)

⇒ 2248400/2400

= Rs. 936.83 or Rs. 937 (Approximately)

Amount = Principal + Interest

A = 14600 + 937

= Rs. 15537

So, amount after 175 days will be Rs. 15537

Question 2 -

P = Rs. 1435

R = 5 %

T = 3 years 9 months

Compounded interest will be calculated for 3 years and then amount after 3 years will become principal for 9 months and then on this principal, simple interest will be calculated for 9 months.

Compound interest -

A = P(1 + R/100)ⁿ

⇒ A = 1435*(1 + 5/100)³

⇒ (1435*21*21*21)/(20*20*20)

⇒ 13289535/8000

= Rs. 1661.19

Now, Simple interest for 9 months -

⇒ S.I. = (P*R*T)/100

⇒ (1661.19*5*9)/(12*100)

⇒ 74753.55/1200

⇒ Rs. 62.29

Simple interest for 9 months is Rs. 62.29

A = P + I

A = 1661.19 + 62.29

A = 1723. 48

So, amount at maturity is Rs. 1723.48.