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Question
A sum of Rs. 13,500 is invested at 16% per annum compound interest for 5years. Calculate :
(i) the interest for the first year.
(ii) the amount at the end of first year.
(iii) the interest for the second year, correct to the nearest rupee.
Solution
For 1st year :
P = Rs. 13,500; R = 16% and T = 1 year
Interest = Rs. `[13,500 xx 16 xx 1]/[100]`= Rs. 2,160
Amount = Rs. 13,500 + Rs. 2,160= Rs. 15,660
For 2nd year :
P = Rs. 15,660; R = 16% and T = 1 year
Interest = Rs. `[15,660 xx 16 xx 1]/[100]`= Rs. 2,505.60 = Rs. 2,506
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