Question
Find the amount and the compound interest payable annually on:$Rs.16000$ for $2$ years at $15\%$ and $12\%$ for the successive years.
✓
Answer
For $1^{st}$ year: $P=R s .16000, R=15 \%$ and $T=1$ year
$\therefore$ Interest $=\text { Rs. } \frac{16000 \times 15 \times 1}{100} $
$=\text { Rs. } 2400$
And, amount
$=\text { Rs. } 16000+\text { Rs. } 2400 $
$=\text { Rs. } 18400$
For $2^{nd}$ year: $P=18400, R=12 \%$ and $T=1$ year
$\therefore$ Interest $=\text { Rs. } \frac{18400 \times 12 \times 1}{100} $
$=\text { Rs } 2208$
And, amount
$=\text { Rs. } 18400+\text { Rs. } 2208 $
$=\text { Rs. } 20608$
$\therefore$ Required amount $= Rs. 20608$
And, Compound Interest
$=A \cdot P $
$=R s .20608-R s .16000 $
$=\text { Rs. } 4608 .$
$\therefore$ Interest $=\text { Rs. } \frac{16000 \times 15 \times 1}{100} $
$=\text { Rs. } 2400$
And, amount
$=\text { Rs. } 16000+\text { Rs. } 2400 $
$=\text { Rs. } 18400$
For $2^{nd}$ year: $P=18400, R=12 \%$ and $T=1$ year
$\therefore$ Interest $=\text { Rs. } \frac{18400 \times 12 \times 1}{100} $
$=\text { Rs } 2208$
And, amount
$=\text { Rs. } 18400+\text { Rs. } 2208 $
$=\text { Rs. } 20608$
$\therefore$ Required amount $= Rs. 20608$
And, Compound Interest
$=A \cdot P $
$=R s .20608-R s .16000 $
$=\text { Rs. } 4608 .$
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