student-name

Rounak asked in Math

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

Thank You
student-name

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= P1+r100n
                                      = 80001+151002=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 =412=13yr
SI= P*R*T100=10580*15*1100*3=Rs. 529
So total interest at the end of 2yr 4months= Rs (2580+529)=Rs. 3109
Regards