Q. 64.1( 29 Votes )

Rs. 9000 for 2 years 4 months at 10% per annum compounded annually.

Answer :

Present value = Rs.9000


Interest rate = 10 % per annum


Time = 2 years 4 month = (2 + 1/3) years = (7/2) years


Amount (A) = P (1 + R/100)n × [1 + (1/3 × R)/100]


[Where, P = Present value


R = Annual interest rate


n = Time in years]


A = 9000 (1 + 10/100)2 × [1 + (1/3 × 10)/100]


A = 9000 (1 + 1/10)2 × [1 + 1/30]


A = 9000 (11/10)2 × [31/30]


A = 9000 × 121/100 × 31/30


A = 9 × 121 × 31/3


A = 3 × 121 × 31


A = 11253


Amount = Rs.11253


Compound interest = Rs.(11253 – 9000)


= Rs.2253


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