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Question
Calculate the amount and the compound interest on:
Rs. 8,000 in `2 1/2` years at 15% per year.
Solution
For 1st year,
P = Rs. 8,000; R = 15%, and T = 1 year
∴ Interest = Rs. `[8,000 xx 15 xx 1]/[ 100 ]`
= Rs. 1200
And, amount = Rs. (8,000 + 1200)
= Rs. 9,200
For 2nd year,
P = Rs. 9,200; R = 15%, and T = 1 year
∴ Interest = Rs. `(9,200 xx 15 xx 1)/100`
= Rs. 1,380
And, amount = Rs. (9,200 + 1,380)
= Rs. 10,580
For the last `1/2` year,
P = Rs. 10,580 ; R = 15% and T = `1/2` year
∴ Interest = Rs. `(10,580 xx 15 xx 1)/(100 xx 2)`
= Rs. 793.50
And, Amount = Rs. (10,580 + 793.50)
= Rs. 11373.50
∴ C.I. accrued = Final amount - Intitial Principal
= Rs. (11,373.50 - 8,000)
= Rs. 3373.50
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