Question

solve A=1,240,000;r=8%per year;t=30 years

Answer 1

Answer:

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Answer 2

Given.

• Amount (A) = Rs. 1240000
• Rate of interest (r) = 8% per year
• Time (t) = 30 years

To find.

• Total amount after 30 years

Solution.

1. Simple interest

• We know that, I = Atr/100, where A is the sum, t is time of investment, r is rate of interest and I is interest.
• Using it, we get
• interest = Rs. 1240000 * 30 * 8 / 100
• = Rs. 2976000
• Thus amount after 30 years is
• = Rs. (1240000 + 2976000)
• = Rs. 4,216,000

2. Compound interest

• We know that, P = A (1 + r/100)^t, where P is amount of sum A after t years of compound interest at r% per year.
• Using it, we get
• amount = Rs. 1240000 * (1 + 8/100)^30
• = Rs. 12,477,694.54