Find the compound interest on a sum of Rs.6280 for one year and seven months @ the rate of 8% per annum reckoned yearly? ANSWER:Rs.813.81 . "CAN ANYBODY PLEASE HELP ME IN FINDING THE ANSWER FOR THIS"
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Compound interest
Replies (5)
Compound Interest for the First Year =
6280 * 8% = 502.4Principal Amount at the beginning of the second Year =
6280 + 502.4 = 6782.4Compound Interest for 7 months of the Second Year =
6782.4 * 8% * 7/12 = 316.512Therefore, Total Interest =
502.4 + 316.512 = 818.91
Compound Interest for the First Year =
6280 * 8% = 502.4
Principal Amount at the beginning of the second Year =
6280 + 502.4 = 6782.4
Compound Interest for 7 months of the Second Year =
6782.4 * 8% * 7/12 = 316.512
Therefore, Total Interest =
502.4 + 316.512 = 818.91
Thanku u Aishwarya subalal padakkal
You Are Most Welcome Aswatha.. 
Thanks..
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