Practicing Success
The interest (in ₹) to be paid on a sum of $₹ 30000$ at $15 \%$ p.a. after $2 \frac{2}{3}$ years, if interest compounded yearly, is: |
14362.50 12364.50 16342.50 13642.50 |
13642.50 |
Time = 2\(\frac{2}{3}\) years = ( 2 + \(\frac{2}{3}\) )years Rate for first 2 years = 15% Rate for \(\frac{2}{3}\)rd year = \(\frac{2}{3}\) × 15 = 10% Compound interest = Principal × ( 1 + \(\frac{rate }{100}\) )t - Principal = 30000 × ( 1 + \(\frac{15 }{100}\) )² × ( 1 + \(\frac{10 }{100}\) ) - 30000 = 30000 × \(\frac{23 }{20}\)× \(\frac{23 }{20}\) × ( 1 + \(\frac{11 }{10}\) ) - 30000 = 43642.50 - 30000 = 13642.50 |