What will be the compound interest when ₹21600 is deposited in a bank at \(16\frac{2}{3}\)% per annum compounded annually for 2 years 73 days?
Answer & explanation
Correct answer: option 1
16\(\frac{2}{3}\)% = \(\frac{1}{6}\)
73 days = \(\frac{1}{5}\) of the year.
Here,
C.I of 2 years and 73 days = C.I. of 2 years + \(\frac{1}{5}\) CI. of 3rd year
= 78 + \(\frac{49}{5}\) = \(\frac{439}{5}\)
Now, ATQ
Principal = 21600
⇒ 216 R = 21600
⇒ 1 R = 100
⇒ C.I. = \(\frac{439}{5}\) x 100 = 8780
OR
CI for 2 yrs = 2 x (21600 x \(\frac{1}{6}\)) + \(\frac{1}{6}\) x 3600 = 7800
CI for last 73 days = \(\frac{1}{30}\) x 21600 + \(\frac{1}{30}\) x 7800 = 980
Total = 8780