Vasudevan invested Rs 20,000 at the interest rate of 10% per annum interest being
compounded annually. Find the amount he will get after 2years 6 months. Also calculate
the interest he earns.
Answers
Step-by-step explanation:
Answer
As we know that,
A=P(1+100R)n
Whereas,
A= Amount
P= Principal
R= Rate
n= Time period
Given:-
Principal (P)=Rs.60000
Rate (r)=12%=6% per 6 months
(i) After 6 months-
As the interest is compounded half-yearly,
n=6 months=1
∴A=60000×(1+1006)1
⇒A=60000×(1+0.06)
⇒A=63600
(ii) After 1 year-
As the interest is compounded half-yearly,
n=12 months=2
∴
Given : Vasudevan invested Rs 20,000 at the interest rate of 10% per annum interest being compounded annually.
To Find : the amount he will get after 2years 6 months.
calculate the interest he earns.
Solution:
Compounded annually so we will find 1st amount after 2 years
then simple interest for next 6 months on amount after 2 years
A = P(1 + R/100)^T
SI = P * R * T / 100
P = 20000
R = 10
T = 2
A = 20000(1 + 10/100)² = 24,200 Rs
Interest = 24200 - 20000 = 4200 Rs
Interest for next 6 month
P = 24200
R = 10
T = 6 month = 1/2 years
SI = 24200 x 10 x (1/2) /100
= 1210 Rs
Final Amount = 24200 + 1210 = 25410 Rs
Interest = 4200 + 1210 = 5410 Rs
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