2. Calculate the interest on 230,000 at 12% per annum compounded annually for 3 years. Hint: First find the interest for three years using CI formula and then find the interest for the remaining half of the year using simple interest formula.)
Answers 1
[tex]{ \red{\tt{ \underline{\underline{Answer:}}}}}[/tex]
Given -Principal, Rate of Interest, Time.
To find -Compound Interest.
Principal = Rs 230000
Rate of interest = 12%
Time = 3 years
We know that Amount in CI =
[tex]P\bigg(\dfrac{1 + r}{100}\bigg) ^{n} [/tex]
Here (n) means Time.Amount =
[tex]P\bigg(\dfrac{1 + r}{100}\bigg) ^{n} \\ = 230000\bigg(\dfrac{1 + 12}{100}\bigg) ^{3} \\ = 230000\bigg(\dfrac{28}{25}\bigg) ^{3} \\ = 230000 \times \frac{21952}{15625} \\ = 323133.44[/tex]
Amount is Rs 323133.44Compound Interest = Amount - Principal
= 323133.44 - 230000
= Rs 93133.44
Hence CI is Rs 93133.44.Note - I have done this sum by applying Amount formula in Compound Interest because it is a simple way to find CI.-
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