Q.Find the compound interest,correct to the nearest rupee,on ?2400 for 2.5yrs at 5percent per annum ANS FAST.. QUICKLY
Dear student,
first we calculate amount for two years using A = P(1+r/100)t
= 2400(1+5/100)2 = 2400(21/20)2 = 6 x 212 = Rs 2646
Now find Simple interest on this amount for 1/2 year using
SI = (P x R x T)/100
SI = (2646 x 5 x 1/2)/100 = Rs 66.15
So amount after 2.5 years will be = 2646 + 66.15 = Rs 2712.15
And CI = A - P = 2712.15 - 2400 = Rs 312.15
Regards
first we calculate amount for two years using A = P(1+r/100)t
= 2400(1+5/100)2 = 2400(21/20)2 = 6 x 212 = Rs 2646
Now find Simple interest on this amount for 1/2 year using
SI = (P x R x T)/100
SI = (2646 x 5 x 1/2)/100 = Rs 66.15
So amount after 2.5 years will be = 2646 + 66.15 = Rs 2712.15
And CI = A - P = 2712.15 - 2400 = Rs 312.15
Regards