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Question

Tick the correct answer in each of the following:

The compound interest on Rs 4000 at 10% per annum for 2 years 3 months, compounded annually, is

(a) Rs 916        (b) Rs 900        (c) Rs 961        (d) Rs 896


Solution

Principal (P) = Rs. 4000Rate (R) = 10% p.a.Period (n) = 2 years 3 months=214 years Amount (A) = P (1+R100)n=Rs. 4000 (1+10100)2(1+10×1100×4)=Rs. 4000×1110×1110×4140=Rs. 4961 C.I. = A - P = Rs. 4961 - 4000=Rs. 961                                     (c)


Mathematics
Secondary School Mathematics VIII
Standard VIII

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