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Question
Calculate the amount and the compound interest for the following:
Rs.13,500 at 10°10 p.a. in 2 years
Solution
Here, P = Rs.13,500 ; r = 10°10 p.a. ; t = 2 years
For the first year: t = 1 year
S.I. = `("P" xx "r" xx "t")/100`
S.I. = `("Rs" 13500 xx 10 xx 1)/100`
S.I. = Rsl, 350
A=P+S.I.
=Rs ( 13,500 + 1,350) =Rs 14,850 = new principal
For the second year: t = 1 year; P=Rs 14,850
S.I. = `("P" xx "r" xx "t")/100`
S.I. = `("Rs" 14850 xx 10 xx 1)/100`
S.I. = Rsl, 485
A=P+S.I.
A=Rs ( 14,850 + 1,485) = Rs 16,335
C.I. = Interest in first year +interest in second year
C.I. = Rs ( 1,350 + 1,485) = Rs 2,835
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