Question
By using the formula, find the amount and compound interest on. $Rs. 62500$ for $2$ years $6$ months at $12\%$ per annum compounded annually.
✓
Answer
Principal $(P) = Rs. 62500$
Rate $(R) = 12\%$ p.a
Period $(n) = 2$ years $6$ months
$\therefore$ Amount $(A)$
$=\text{P}\Big(1+\frac{\text{R}}{100}\Big)^{\text{n}}$
$=\text{Rs. }62500\Big(1+\frac{12}{100}\Big)^2\Big(1+\frac{12\times1}{100\times2}\Big)$
$=\text{Rs. }62500\times\Big(\frac{28}{25}\Big)^2\times\frac{53}{50}$
$=\text{Rs. }62500\times\frac{28}{25}\times\frac{28}{25}\times\frac{53}{50}$
$=\text{Rs. }83104$
$\therefore C.I = A - P = Rs. 83104 - Rs. 62500= Rs. 20604.$
Rate $(R) = 12\%$ p.a
Period $(n) = 2$ years $6$ months
$\therefore$ Amount $(A)$
$=\text{P}\Big(1+\frac{\text{R}}{100}\Big)^{\text{n}}$
$=\text{Rs. }62500\Big(1+\frac{12}{100}\Big)^2\Big(1+\frac{12\times1}{100\times2}\Big)$
$=\text{Rs. }62500\times\Big(\frac{28}{25}\Big)^2\times\frac{53}{50}$
$=\text{Rs. }62500\times\frac{28}{25}\times\frac{28}{25}\times\frac{53}{50}$
$=\text{Rs. }83104$
$\therefore C.I = A - P = Rs. 83104 - Rs. 62500= Rs. 20604.$
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