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6. Find compound interest on Rs. 8000 at 15% per annum for 2 years 4 months, compounded annually?

Answer»

Given

P=₹8000

R=15%p.a.

T=2yr and 4 MONTHS

So first we will calculate for 2 YRS

A= p(1+r/100)^N

A=8000(1+15/100)²

A=8000(115/100)²

A=8000 x 115/100 x 115/100

A=8x115x115x/10

A=₹10580

Now for next 4 months rate will be according to TIME

so \: r = 15\% \times \frac{4}{12} \\ \\ = 15 \times \frac{1}{3} \\ \\ = 5\%

Interest = pxrxt /100

Here P= amount we got after 2 years I.e. =10580

R=5%

T=1

=10580x5x1/100

=₹529

Amount after 2yr and 4 months =10580+529

=₹11109

Compound interest = amount - principal

=11109-8000

=₹3109


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