Question 70

A sum of ₹2000 is invested at compound interest (compounding annually). If the rate of interest is 10% per annum, then what will be the amount after 30 months?

Solution

30 months = 30 divides 12

= 2$$\frac{1}{2}$$

compound interest = $$P(1+\frac{R}{100})^n$$

= P ($$(1+\frac{R}{100})^2$$ × $$(1+\frac{0.5\times R}{100})^1$$)

2000 ($$(1+\frac{10}{100})^2$$ × $$(1+\frac{0.5\times 10}{100})^1$$)

= 2541

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