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At the rate of compound interest 5% per ...

At the rate of compound interest 5% per annum, find the amount of Rs. 80000 in `2 1/2` years.

Text Solution

Verified by Experts

Here the amount of principal `(P)=Rs. 80000`
at the rate of compound interest `(r%)=5%` in 2 years `=Rs. 80000xx(1+5/100)^(2)`
`=Rs 80000xx(105/100)^(2)`
`=Rs. 80000xx(105xx105)/(100xx100)=Rs. 88200`
Then after 2 years the principal `=Rs. 88200`
Now at the rate of 5% per annum the interest in next `1/2` year `=Rs. (88200xx5xx1)/(2xx100)=Rs. 2205`
`:.` The amount in `2 1/2` years `=Rs. (88200+2205)=Rs. 90405`
Hencce the required amount `=Rs. 90405`
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