Mathematics
Calculate the amount of ₹ 30,000 at the end of 2 years 4 months, compounded annually at 10% per annum.
Compound Interest
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Answer
For first year :
P = ₹ 30,000
T = 1 year
R = 10%
I =
= ₹ 3,000.
Amount = P + I = ₹ 30,000 + ₹ 3,000 = ₹ 33,000.
For second year :
P = ₹ 33,000
T = 1 year
R = 10%
I =
= ₹ 3,300
Amount = P + I = ₹ 33,000 + ₹ 3,300 = ₹ 36,300
For next 4 months :
P = ₹ 36,300
T = 4 months = year = year
R = 10%
I =
= ₹ 1,210.
Amount = P + I = ₹ 36,300 + ₹ 1,210 = ₹ 37,510.
Hence, final amount = ₹ 37,510.
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