Calculate the amount of ₹ 31250 at the end of q 5/2years , compounded annually at 8% per annum About the author Mackenzie
Given: Present value = ₹ 31250 Interest rate = 8% per annum Time = 5/2 To find the amount we have the formula, Amount (A)=P(1+(r/100))n where P is present value, r is rate of interest, n is time in years Now substituting the values in above formula we get, ∴A = 31250(1+(8/2)/100)⁵ ⇒A=31250(1+4/100)⁵ ⇒A=31250(1+1/25)⁵ ⇒A=31250(26/25)⁵ ⇒A=31250× 11,881,376 / 9,765,625 ⇒A= ₹ 38,020.4032 ∴ Compound interest = A–P = 35452–31250 = ₹ 3902 Reply
Answer:
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Step-by-step explanation:
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Given:
Present value = ₹ 31250
Interest rate = 8% per annum
Time = 5/2
To find the amount we have the formula,
Amount (A)=P(1+(r/100))n
where P is present value, r is rate of interest, n is time in years
Now substituting the values in above formula we get,
∴A = 31250(1+(8/2)/100)⁵
⇒A=31250(1+4/100)⁵
⇒A=31250(1+1/25)⁵
⇒A=31250(26/25)⁵
⇒A=31250× 11,881,376 / 9,765,625
⇒A= ₹ 38,020.4032
∴ Compound interest = A–P
= 35452–31250 = ₹ 3902