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ICSE Class 9 Answered

Aparna borrows a sum of 2500 for 2 years 3 months at 8% p.a. compounded annually. Find -CI for 2 years -the amount at the end of 2 years 3 months
Asked by sandhyampanicker | 17 Feb, 2019, 09:18: AM
answered-by-expert Expert Answer
Principle P = Rs. 2500 ; period  n = 2 years  ;   Rate of interest r = 8%
 
Compound interest after 2 years begin mathsize 12px style equals space 2500 space open parentheses 1 plus 8 over 100 close parentheses squared space minus space 2500 space space equals space open parentheses 2500 cross times 108 over 100 cross times 108 over 100 close parentheses space minus space 2500 space equals space R s. space 416 end style
amount at the end of 2 years and 3 months = Rs.2500+416 = Rs. 2916
 
( It is assumed interest is compounded annualy. Hence interest is calculated only for 2 years.
If interest is also calculated for additional 3 months, simply we need to calculate 8% interest for Rs.2916, for 3 months,  and add to Rs.2916 )
Answered by Thiyagarajan K | 17 Feb, 2019, 12:09: PM

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