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Question
To start a business, Shalaka has taken a loan of ₹8000 at a rate of 10 `1/2` p.c.p.a. After two years, how much compound interest will she have to pay?
Solution
Here, P = ₹8000, R = `10 1/2 = 21/2` p.c.p.a, N = 2 Years
A = `"P"(1 + "R"/100)^"N"`
= `8000(1 + (21/2)/100)^2`
= `8000(1 + 21/200)^2`
= `8000((200 + 21)/200)^2`
= `8000(221/200)^2`
= `8000 xx 221/200 xx 221/200`
= `(2 xx 221 xx 221)/10`
= `97682/10`
∴ A = 9768.2
∵ A = P + I
9768.2 = 8000 + I
9768.2 − 8000 = I
I = ₹ 1768.2
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