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Question
Calculate the amount and the compound interest for the following:
Rs.23,7 50 at 12°/o p.a. in `2 1/2` years
Solution
Here, P = Rs 23, 750 ; r = 12°/o p.a. ; t =`2 1/2` years
For the first year: t = 1 year
S.I. = `("P" xx "r" xx "t")/100`
S.I. = `("Rs" 23750 xx 12 xx 1)/100`
S.I. = Rs 2850
A=P+S.I.
=Rs (23,750 + 2,850) =Rs 26,600 =new principal
For the seoond year: t = 1 year; P=Rs 26,600
S.I. = `("P" xx "r" xx "t")/100`
S.I. = `("Rs" 26600 xx 12 xx 1)/100`
S.I. = Rs 3192
A=P+S.l.
A=Rs (26.600 + 3, 192) =Rs 29.792 =new principal
For the third year: t = 1/2 year; P=Rs 29,792
S.I. = `("P" xx "r" xx "t")/100`
S.I. = `("Rs" 29792 xx 12 xx 1)/(100 xx 2)`
S.l. = Rs1, 787 .52
A=P+S.l.
A=Rs (29,792 + 1,787.52) =Rs 31,579.52
C.l. = Interest in first year + interest in second year + interest in third year
C.l.= Rs (2,850 + 3,192 +1,787.52) =Rs 7,829.52
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