Grade 1010 grade maths
Can you help with this?Question related to Compound interest! Thankyou!
Can you help with this?
Question related to Compound interest!
Thankyou!
1 Answer
Arun
Principle Amount , p= Rs.55000
Rate of interest per annum, R = 10%
First year interest = p×(R/100) = 55000×(10/100) = Rs. 5500
First year Amount = Rs.55000+Rs.5500 = Rs.60500
Second year compounded amount = 60500×[ 1+ (10)/(2×100) ]2 = Rs.66701.25
Hence second year compound interest = 66701.25 - Rs.60500 = Rs.6201.25
percentage of second year compound interest = (6201.25/60500)×100 = 10.25 %
Hence difference in percentage of compound interest = 10.25 - 10 = 0.25%
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