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Question
Calculate the amount and cornpound interest for the following, when cornpounded annually:
Rs 16,000 for 3 years at `7 1/2` % p.a.
Solution
Rs 16,000 for 3 years at `7 1/2` p.a.
P=Rs 16,000 ; t = 3 years ; r = `7 1/2` p.a.
`"A" = "P" (1 + "r"/100)^"n"`
A = Rs `16000 (1 + 15/(2 xx 100))^3`
= Rs 16, 000 × 1.07 5 × 1.075 × 1.075
= Rs 19,876. 75
C.l.= A - P
= Rs (19,876.75- 16,000)
= Rs 3,876. 75
Hence, Amount= Rs 19,876.75 and C.I. =Rs 3,876.75
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