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Question
Find the amount and the compound interest payable annually on:
Rs.16000 for 2 years at 15% and 12% for the successive years.
Solution
For 1st year : P = Rs.16000, R = 15% and T = 1 year
∴ Interest = Rs.`(16000 xx 15 xx 1)/(100)`
= Rs.2400
And, amount
= Rs.16000 + Rs.2400
= Rs.18400
For 2nd year : P = 18400, R = 12% and T = 1 year
∴ Interest = Rs.`(18400 xx 12 xx 1)/(100)`
= Rs.2208
And, amount
= Rs.18400 + Rs.2208
= Rs.20608
∴ Required amount = Rs.20608
And, Compound Interest
= A - P
= Rs.20608 - Rs.16000
= Rs.4608.
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