Question

₹15,000 is invested at 5% CI compounded per annum. Find the amount at the beginning of the 2nd year

Answer 1

Answer:

Simple Interest I=

100

PNR

Here for first year,

P=Rs15,000

N=1year

R=6 %

So, Interest at the end of 1st year I=

100

15,000×1×6

=Rs900

And for second year,

P=Rs15,000+Rs900=Rs15,900

N=1year

R=6 %

I=

100

15,900×1×6

=Rs954

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