Question 28

What will be the compound interest accrued on a sum of Rs. 18600 for two years if the rate of interest for the first year is 8% per annum and that for the second year is 15% per annum ?

Solution

Required Amount =

$$ A = P (1 + \frac{R}{100})^T$$

= $$18600 (1 + \frac{8}{100}) (1 + \frac{15}{100})$$

= $$18600 \times 1.08 \times 1.15$$

= Rs. $$23,101.20$$

$$\therefore$$ C.I. = Rs. $$(23,101.20 - 18,600)$$

= Rs. $$4,501.20$$

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