Calculate the amount of rs 31250 at the end of 2 1/2 years compounded annually at 8% per annum
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Calculate the amount of rs 31250 at the end of 2 1/2 years compounded annually at 8% per annum
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Answer:
Principal= 31250
Time = 2 and 1/2 years
Rate = 8%
So first we fill take out the Amount for 2 years.
Which would be:
36450
Now we will take out the amount for 1/2 years for which the rate would also be deducted to half which means now rate for 1/2 years is 4% with principal= 36450
So amount for 1/2 years for 4% rate is:
= 37908
Ans.) 37908 is the amount after 2 and1/2 years at the rate of 8%.
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Step-by-step explanation:
Calculate the amount of 31250 at the end of 2. 2 years, compounded annually at 8% per annum