Mathematics
Calculate the amount and the compound interest on ₹ 8000 in years at 15% per annum.
Compound Interest
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Answer
For first year :
P = ₹ 8000
T = 1 year
R = 15%
I =
= ₹ 1200.
Amount = P + I = ₹ 8000 + ₹ 1200 = ₹ 9200.
For second year :
P = ₹ 9200
T = 1 year
R = 15%
I =
= ₹ 1380.
Amount = P + I = ₹ 9200 + ₹ 1380 = ₹ 10580.
For next half year :
P = ₹ 10580
T = year
R = 15%
I =
= ₹ 793.50
Amount = P + I = ₹ 10580 + ₹ 793.50 = ₹ 11373.50
Compound interest = Final amount - Initial principal
= ₹ 11373.50 - ₹ 8000 = ₹ 3373.50
Hence, amount = ₹ 11373.50 and compound interest = ₹ 3373.50
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