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Question
Calculate The Amount and the Cornpound Interest for the Following:
Rs 15,000 for 2 years at 6°/o for the first year and 7°/o for tl1e second year.
Solution
P = Rs 15000 ;
(i) Interest for the first year
T = 1 year , R = 6% for first year
`= ("Rs" 15000 xx 6 xx 1)/100`
= Rs 900
(ii) Principal for the second year
= Amount After one year
= Rs 15000 + Rs 900
= Rs 15900
(iii) Interest for the second year
T = 1 year , R = 7% for second year
= `("Rs" 15900 xx 7 xx 1)/ 100`
= Rs 1113
Therefore Amount at the end of 2nd year
= Rs 15900 + Rs 1113
= Rs 17013
Amount = Rs 17013
C.I. = A - P
= Rs (17013 - 15000)
C.I. = Rs 2013
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