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Question
Calculate the amount and compound interest to the nearest rupee on Rs 42000 for 2 years at 8% per annum, interest being payable half-yearly.
Solution
Here P1 = Rs.4200 and rate of interest for half year = 4%, t = 4 half years
So, Amount after `(1)/(2)` year
= `"P"(1 + "r"/100)`
= `4200(1 + 4/100)`
= `42000 xx (104)/(100)`
= 43680
Thus, P2 = Rs43680
Amount after 1 year
= `"P"(1 + "r"/100)`
= `43680(1 + 4/100)`
= `43680 xx (104)/(100)`
= Rs.45427.20
Thus, P3 = Rs.45427.20
Amount after 1`(1)/(2)` year
= `"P"(1 + "r"/100)`
= `45427.20(1 + 4/100)`
= `45427.20 xx (104)/(100)`
= 47244.29
Thus, P4 = Rs.47244.29
Amount after 2 year
= `"P"(1 + "r"/100)`
= `47244.29(1 + 4/100)`
= `47244.29 xx (104)/(100)`
= 49134.06
Hence, Amount = Rs.49134.06
Also, C.I.
= A - P
= Rs49134.06 - Rs.42000
= Rs.7134.06.
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