Q. 15.0( 2 Votes )

# Find the Amount and Compound Interest in the following cases:

Answer :

Amount =

P is the principle

r is the rate of interest

n is the time period in terms of years

(i) Principle = 1000

Rate of interest per annum = 5%

Time = 3 years

Amount =

=

= 1,157.625

Compound Interest = Amount – Principle

= 1000 – 1,157.625

= 157.625

(ii) Principle = 4000

Rate of interest per annum = 10%

Time = 2 years

Amount =

=

= 4,840

Compound Interest = Amount – Principle

= 4000 – 4,840

= 840

(iii) Principle = 18,000

Rate of interest per annum = 10%

Time = years

We are going to find the compound interest year by year

For 1^{st} year

Amount =

=

= 19,800

Now 19,800 become the principle amount

For 2^{nd} year

Amount =

=

= 21,780

Amount =

P is the principle

r is the rate of interest

n is the time period in terms of years

For half yearly

Amount =

=

= 22,869

Compound Interest = Amount – Principle

= 22,869 – 18,000

= 4,869

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