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The compound interest on Rs. 20,480 at 6 1/4 % per annum for 2 years 73 days, is:
- a)Rs. 2929
- b)Rs. 2219
- c)Rs. 3021
- d)Rs. 3049
Correct answer is option 'A'. Can you explain this answer?
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The compound interest on Rs. 20,480 at 6 1/4 % per annum for 2 years 7...
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The compound interest on Rs. 20,480 at 6 1/4 % per annum for 2 years 7...
Given:
Principal amount (P) = Rs. 20,480
Rate of Interest (R) = 6 1/4 % per annum
Time (t) = 2 years 73 days
To find: Compound Interest (CI)
Formula used:
Compound Interest (CI) = P[(1+R/100)^t - 1]
Calculation:
As given, the time period is 2 years 73 days, which can be written as (2+73/365) years.
Using the above formula, we get:
CI = 20480[(1+(25/4)/100)^(2+73/365) - 1]
CI = 20480[(1+0.0625)^(2.2) - 1]
CI = 20480[(1.0625)^2.2 - 1]
CI = 20480[0.1413]
CI = Rs. 2,899.84
(rounding off to nearest rupee, we get Rs. 2,929)
Therefore, the compound interest on Rs. 20,480 at 6 1/4 % per annum for 2 years 73 days is Rs. 2,929.
Principal amount (P) = Rs. 20,480
Rate of Interest (R) = 6 1/4 % per annum
Time (t) = 2 years 73 days
To find: Compound Interest (CI)
Formula used:
Compound Interest (CI) = P[(1+R/100)^t - 1]
Calculation:
As given, the time period is 2 years 73 days, which can be written as (2+73/365) years.
Using the above formula, we get:
CI = 20480[(1+(25/4)/100)^(2+73/365) - 1]
CI = 20480[(1+0.0625)^(2.2) - 1]
CI = 20480[(1.0625)^2.2 - 1]
CI = 20480[0.1413]
CI = Rs. 2,899.84
(rounding off to nearest rupee, we get Rs. 2,929)
Therefore, the compound interest on Rs. 20,480 at 6 1/4 % per annum for 2 years 73 days is Rs. 2,929.
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Community Answer
The compound interest on Rs. 20,480 at 6 1/4 % per annum for 2 years 7...
Given:
Principal amount (P) = Rs. 20,480
Rate of interest (R) = 6 1/4% = 6.25% per annum
Time (T) = 2 years 73 days
To find:
Compound interest on the given amount for the given time period.
Solution:
Step 1: Convert the time period into years.
73 days = 73/365 years = 1/5 years
Step 2: Convert the rate of interest into decimal form.
6.25% = 6.25/100 = 0.0625
Step 3: Calculate the compound interest using the formula:
Compound Interest (CI) = P * (1 + R)^T - P
Where,
P = Principal amount
R = Rate of interest
T = Time period
Substituting the given values into the formula:
CI = 20480 * (1 + 0.0625)^(2 + 1/5) - 20480
Simplifying the expression:
CI = 20480 * (1.0625)^(2.2) - 20480
Using the exponential function on a calculator:
CI ≈ 20480 * 1.1323 - 20480
CI ≈ 2329.344 - 20480
CI ≈ 2219.344
Therefore, the compound interest on Rs. 20,480 at 6 1/4% per annum for 2 years 73 days is approximately Rs. 2219.344.
Hence, option B) Rs. 2219 is the correct answer.
Principal amount (P) = Rs. 20,480
Rate of interest (R) = 6 1/4% = 6.25% per annum
Time (T) = 2 years 73 days
To find:
Compound interest on the given amount for the given time period.
Solution:
Step 1: Convert the time period into years.
73 days = 73/365 years = 1/5 years
Step 2: Convert the rate of interest into decimal form.
6.25% = 6.25/100 = 0.0625
Step 3: Calculate the compound interest using the formula:
Compound Interest (CI) = P * (1 + R)^T - P
Where,
P = Principal amount
R = Rate of interest
T = Time period
Substituting the given values into the formula:
CI = 20480 * (1 + 0.0625)^(2 + 1/5) - 20480
Simplifying the expression:
CI = 20480 * (1.0625)^(2.2) - 20480
Using the exponential function on a calculator:
CI ≈ 20480 * 1.1323 - 20480
CI ≈ 2329.344 - 20480
CI ≈ 2219.344
Therefore, the compound interest on Rs. 20,480 at 6 1/4% per annum for 2 years 73 days is approximately Rs. 2219.344.
Hence, option B) Rs. 2219 is the correct answer.
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The compound interest on Rs. 20,480 at 6 1/4 % per annum for 2 years 73 days, is:a)Rs. 2929b)Rs. 2219c)Rs. 3021d)Rs.3049Correct answer is option 'A'. Can you explain this answer?
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