Question

Neha borrowed $Rs.24,000$ from the State Bank of India to buy a scooter. If the rate of interest be $10\%$ per annum compounded annually, what payment will she have to after $2$ years $3$ months.

Answer 1

$P=24000$

Rate$=10\%$ per annum compounded annually

Time $=2year3month=3+\frac{2}{12}=2+\frac{1}{4}years$

$A=P{(1+\frac{r}{100})}^n(1+[fractiontimerate\left]/100\right)$

$=24000{(1+\frac{10}{100})}^2(1+[1/4\times 10\left]/100\right)$

$=24000\times {\left(\frac{110}{100}\right)}^2(1+\frac{5}{2}\times 100)$

$=24000\times \frac{110}{100}\times \frac{110}{100}\times [1+\frac{1}{40}]$

$=24000\times 11\times 11\times 41/40=6\times 11\times 11\times 41$

$A=29766$