Calculate the amount and compound interest on: ₹ 18,000 for 2 (1/2) % years at 10% per annum compounded annually.

Here,
Principal (P) = ₹ 18,000, Time (n) = 2(1/2) years, Rate of interest (R) = 10% p.a.
Amount (A) = P (1+R/100)ⁿ = 18000 (1+10/100)² = (1+1/10)²
= 18000 (11/10)² = 18000 x11/10×11/10 = ₹ 21,780
Interest for 1/2 years on ₹ 21,780 at rate of 10% = 1/2 x21780x10x1/100=₹ 1,089
Total amount for 2(1/2) years = ₹ 21,780 + ₹ 1089 = ₹ 22,869
Compound Interest (C.I.) = A – P = ₹ 22869 – ₹ 18000 = ₹ 4,869

Class 8 Maths Chapter 8 Exercise 8.3 Solution in Video

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