Question

4. A sum of Rs. 9600 is invested for 2 years at 10% p.a. at compound interest.
Calculate
(i) the interest for the first year
(ii) the amount at the end of second year
(iii) the compound interest earned in 2 years
(3 Points)​

Answer 1

Step-by-step explanation:

It is given that

Principal= 9600

Rate of interest = 10% p.a

Period = 3 years

We know that

Interest for the first year= Prt/100

Substituting the values

= (9600×10×1)/100

= 960

(i) Amount after one year = 9600 - 960= 10560

So the principal for the second year = 10560

Here the interest for the second year= (10560×10×1)/100

=1056

(ii) Amount after two years =10560+1056=11616

(iii) Compound interest earned in 2 years = 960+10560=2016

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