Question

Find the compound interest, correct to the nearest rupee, on Rs. 2,400 for $2\frac{1}{2}$ years at 5 per cent per annum.

Answer 1

$Principle=2400,time=\frac{5}{2},rateofinterest=5$%
$Amount=P{(1+\frac{R}{100})}^t$
$\Rightarrow 2400{(1+\frac{5}{100})}^{\frac{5}{2}}$
$\Rightarrow 2400\times \frac{105}{100}\times \frac{105}{100}\times \frac{102.5}{100}$
$\Rightarrow \frac{24\times 105\times 105\times 1025}{100000}$
$\Rightarrow \frac{271215000}{100000}\Rightarrow 2712.15Rs.$
$C.I.=2712.15-2400=312Rs.$