Find the amount and compound interest on ₹ 9000 for 2 years 4 months

1.	Find the amount and compound interest on ₹ 9000 for 2 years 4 months at 10 % per annum compounded annually.
Answer» Given: Present value= ₹ 9000 Interest rate= 10 % per annum Time=2 years 6 months = (2 + ½) years= 5/2 years To find the amount we have the formula, Amount (A) = P (1+(R/100))ⁿ Where P is present value, r is rate of interest, n is time in years. Now substituting the values in above formula we get, ∴ A = 9000 (1 + 10/100)² [1 + (1/3 × 10)/100] ⇒ A = 9000 (1+1/10)²(1+1/30) ⇒ A = 9000 (11/10)² (31/30) ⇒ A = 9000 × 121/100 × 31/30 = 9 × 121 × 31/3 ⇒ A = ₹ 11253 ∴ Compound interest = A – P = 11253 – 6000 = ₹ 2253

Find the amount and compound interest on ₹ 9000 for 2 years 4 months at 10 % per annum compounded annually.

Answer»

Given:

Present value= ₹ 9000

Interest rate= 10 % per annum

Time=2 years 6 months = (2 + ½) years= 5/2 years

To find the amount we have the formula,

Amount (A) = P (1+(R/100))ⁿ

Where P is present value, r is rate of interest, n is time in years.

Now substituting the values in above formula we get,

∴ A = 9000 (1 + 10/100)² [1 + (1/3 × 10)/100]

⇒ A = 9000 (1+1/10)²(1+1/30)

⇒ A = 9000 (11/10)² (31/30)

⇒ A = 9000 × 121/100 × 31/30 = 9 × 121 × 31/3

⇒ A = ₹ 11253

∴ Compound interest = A – P

= 11253 – 6000 = ₹ 2253