By using the formula, find the amount and compound interest on:

Rs 62500 for 2 years 6 months at $12 %$ per annum compounded annually.

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Solution

$Principal (P) = Rs. 62500 Rate (R) = 12 % p . a . Period (n) = 2 years 6 months = 2 \frac{1}{2} y e a r s ∴ Amount (A) = P {(1 + \frac{R}{100})}^{n} = R s . 62500 {(1 + \frac{12}{100})}^{2} (1 + \frac{12 \times 1}{100 \times 2}) = R s . 62500 \times {(\frac{28}{25})}^{2} \times \frac{53}{50} = R s . 62500 \times \frac{28}{25} \times \frac{28}{25} \times \frac{53}{50} = R s . 83104 ∴ C.I = A- P = Rs. 83104 - Rs. 62500 R s . 20604$

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