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Question
Find the amount and the compound interest payable annually on the following :
Rs.32000 for 2 years at 7`(1)/(2)`% per annum.
Solution
Rs.32000 for 2 years at 7`(1)/(2)`% per annum.
Here P1 = Rs.32000 and r = 7`(1)/(2)`% = `(15)/(2)`%
So, Amount after 1 year
= `"P"(1 + "r"/100)`
= `32000(1 + 15/(2 xx 100))`
= `32000(1 + 3/40)`
= `32000(43/40)`
= 34400
Thus, P2 = Rs.34400 and r = `(15)/(2)`%
So, Amount after 2 year
= `"P"(1 + "r"/100)`
= `34400(1 + 15/(2 xx 100))`
= `34400(1 + 3/40)`
= `34400(43/40)`
= 36980
Hence, Amount = Rs.36980
Also, CI
= A - P
= Rs.36980 - Rs.32000
= Rs.4980.
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