Calculate the amount of ₹30000 at the end of 2 years 4 months, compounded annually at 10% per annum.

ICSE Class 9 Answered

Calculate the amount of ₹30000 at the end of 2 years 4 months, compounded annually at 10% per annum.

Asked by mahimakushwaha12.9sdatl | 23 May, 2020, 08:59: PM

Expert Answer

Interest for the 1st year = Rs ( 30000 x 10 /100 x1 ) = 3000

Amount at the end of 1st year = 30000 + 3000 = 33000 Rs

Principal for the 2nd year = 33000 Rs

Interest for the second year =( 33000 x 10/100 x 1) = 3300

Amount at the end of 2nd year = 33000 + 3300 = 36300

Principal for the 3rd year = 36300

Interest for the 4 months = 36300 x 4/12 x 10 x 1/100 = 1210

Hence, the amount at the end of the 4 months = 36300 + 1210 = 37510

This can be solved using the compound interest formula as well

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Answered by Renu Varma | 24 May, 2020, 07:15: PM

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