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Question
Find the amount and compounded interest on Rs.15000 in 2`(1)/(2)` years at 10% p.a. compounded annually.
Solution
Here P = Rs.15000, t = 2`(1)/(2)`, r = 10%
Now, Amount after 2 year
= `"P"(1 + "r"/100)^"t"`
= `15000(1 + 10/100)^2`
= `15000(11/10)^2`
= 18150
Now interest for the next half year
= `(18150 xx 10)/(100 xx 2)`
= 907.5
Hence, Amount
= Rs.18150 + Rs.907.50
= Rs.19057.50
Also, C.I.
= A - P
= Rs.19057.50 - Rs.15000
= Rs.4057.50.
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