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ICSE Class 9 Answered

Calculate the amount of rupees 30000 at the end of 2 years 4 months, compounded annually at 10% per annum.
Asked by harendrasinghpandura | 20 Oct, 2020, 12:01: PM
answered-by-expert Expert Answer
Since we have given that
Principal = Rs. 30000
Rate of interest = 10% p.a.
Time = 2years and 4 months which is equal to 7/3 years
First we calculate the amount for 2 years using the Compound interest formula:
A equals P open parentheses 1 plus r over 100 close parentheses to the power of n A equals 30000 open parentheses 1 plus 10 over 100 close parentheses squared A equals 36300 N o w space t h i s space w i l l space b e c o m e space t h e space p r i n c i p l e space a m o u n t space f o r space t h e space n e x t space 1 divided by 3 space y e a r space a n d space h e n c e space w e space w i l l space c a l c u l a t e space t h e space s i m p l e space i n t e r e s t space f o r space t h e space r e m a i n i n g space t i m e I equals fraction numerator P n R over denominator 100 end fraction I equals fraction numerator 36300 cross times 1 cross times 10 over denominator 100 cross times 3 end fraction I equals 1210
 
So the total 36300+1210
=37510
Answered by Utkarsh Lokhande | 20 Oct, 2020, 02:43: PM

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