Find the compound interest on ?8000 at 15percentage per annum for 2 years 4months compounded annually

Atul Shaw answered this

Dear student,

P= Rs. 8000

R= 15%

T=2yr 4 months

Here we will first calculate amount till 2yr

A at the end of 2nd year= $P{\left(1+\frac{r}{100}\right)}^{n}$

= $8000{\left(1+\frac{15}{100}\right)}^{2}=8000{(1+0.15)}^{2}=8000{(1.15)}^{2}=Rs.10580$

Interest at the end of 2nd year= Rs(10580-8000)=Rs 2580

Now for next period, we will use concept of SI

P=Rs. 10580

R=15%

T= 4months =$\frac{4}{12}=\frac{1}{3}yr$

SI= $\frac{P*R*T}{100}=\frac{10580*15*1}{100*3}=Rs.529$

So total interest at the end of 2yr 4months= Rs (2580+529)=Rs. 3109

Regards

P= Rs. 8000

R= 15%

T=2yr 4 months

Here we will first calculate amount till 2yr

A at the end of 2nd year= $P{\left(1+\frac{r}{100}\right)}^{n}$

= $8000{\left(1+\frac{15}{100}\right)}^{2}=8000{(1+0.15)}^{2}=8000{(1.15)}^{2}=Rs.10580$

Interest at the end of 2nd year= Rs(10580-8000)=Rs 2580

Now for next period, we will use concept of SI

P=Rs. 10580

R=15%

T= 4months =$\frac{4}{12}=\frac{1}{3}yr$

SI= $\frac{P*R*T}{100}=\frac{10580*15*1}{100*3}=Rs.529$

So total interest at the end of 2yr 4months= Rs (2580+529)=Rs. 3109

Regards