Question

what is the compound interest on rs 31250 for 2 years 9 month if the rate percent 8% per annum?

Answer 1

Solution.    Amount after 2.75 years

= Rs 31250 x (1+8/100)² x {1+(.75×8)/100}

= Rs 31250 x (1+27/25)² x (53/50)

= 31250 x (1+27/25) x  (1+27/25) x  (1+53/50)

= Rs 38637

Therefore,    Amount = Rs 38637.

Hence,    compound interest = Rs (38637 — 31250) = Rs 7387.



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Answer 2

Formula for compound interest (annually) when time is a fraction

Let time (n) = 2 3/4 years

Amount(A) = P (1 + R/100) ²  [ 1 + (3/4 ×R) /100]
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Given:

Principal(P)= Rs.31250         Rate(R)= 8%        Time(n) = 2y 9 months 
Time(n) = 2  9/12 = 2 3/4 years

Amount(A) = P (1 + R/100) ²  [ 1 + (3/4 ×R) /100]

Amount (A) = [31250 × (1 + 8/100)² × (1 + (3/4 × 8)/100)] 

Amount (A) = [31250 × (108/100)² × (106/100)] 

A=    [31250 × (27/25)² × (53/50)]

A=    (31250 × 27/25 × 27/25 × 53/50) 

Amount (A) = Rs. 38637

compound interest(C.I) = Amount - principal 

compound interest(C.I) = 38637 - 31250 = Rs. 7387
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Compound interest(C.I) = RS. 7387
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Hope this will help you.....