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A sum of Rs 25000 is deposited in a co operative society for 2 years. The rate of compound interest is 8% pa for the first year and 10% pa for the second year where the interest is added half yearly in both cases. What will be the compound amount and compound interest on the sum?

A sum of Rs 25000 is deposited in a co operative society for 2 years. The rate of compound interest is 8% pa for the first year and 10% pa for the second year where the interest is added half yearly in both cases. What will be the compound amount and compound interest on the sum?

Grade:10

1 Answers

Saurabh Koranglekar
askIITians Faculty 10341 Points
one year ago
Dear student

Compound amount is (25000*(1.04)^ 2) for first yr = 27040

Compound amount at end of second yr = 27040 * (1.05)^2 = 29811.6

Compounded interest is 4811.6

Regards

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