Question

$24000 was deposited in an account. If rate of interest is 15% p.a. compounded annually, then calculate the amount after 2 years.

(a) 5060 (b) 5180 (c) 5290 (d) 5350.
​

Answer 1

solution :

principal (p)=24000

rate of interest (r)=15%

time(t)= 2 years

simple interest (S.I)=?

amount (a)=?

now,

S.I=PRT

100

=24000*15*2

100

=240*15*2

=7200

Again,

a=P+S.I

=24000+7200

=31200#

Answer 2

Principal=P=24,000

Rate of interest=r=15%

Time=n=2

3

1

years

Here first we take n=2years

A=P(1+

100

r

)

n

where A=Amount and n=number of years

A=24000(1+

100

15

)

2

=24000×

100

115

×

100

115

=Rs.31,740‬

The amount after 2 years is Rs31,740‬

Now principal=Rs.31,740‬

Simple interest for last

3

1

year is

100

PRT

=31,740‬×

100

15

×

3

1

= Rs.1,587‬

∴ Amount after 2

3

1

year= Rs.31740+1587= Rs.33,327

C.I =A−P

∴C.I=33,327−24,000=Rs.9,327‬