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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 = P×R×T100\dfrac{P \times R \times T}{100}

=30000×10×1100= \dfrac{30000 \times 10 \times 1}{100} = ₹ 3,000.

Amount = P + I = ₹ 30,000 + ₹ 3,000 = ₹ 33,000.

For second year :

P = ₹ 33,000

T = 1 year

R = 10%

I = P×R×T100\dfrac{P \times R \times T}{100}

=33000×10×1100= \dfrac{33000 \times 10 \times 1}{100} = ₹ 3,300

Amount = P + I = ₹ 33,000 + ₹ 3,300 = ₹ 36,300

For next 4 months :

P = ₹ 36,300

T = 4 months = 412\dfrac{4}{12} year = 13\dfrac{1}{3} year

R = 10%

I = P×R×T100\dfrac{P \times R \times T}{100}

=36300×10×13100= \dfrac{36300 \times 10 \times \dfrac{1}{3}}{100}

=363000300= \dfrac{363000}{300} = ₹ 1,210.

Amount = P + I = ₹ 36,300 + ₹ 1,210 = ₹ 37,510.

Hence, final amount = ₹ 37,510.

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