Question

4. Maria invests 93,750 at 9.6% per annum for 3 years and the interest is compounded annually.
Calculate:
(i) the amount standing to her credit at the end of the second year.
(ii) the interest for the third year.
(iii) the compound interest for the three years.​

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Answer 1

Answer: (1) 112614, (2) 10810.94 (3) 29674.64

Step-by-step explanation:(1) A= P(1+Rate/100)^time

= 93750(1+9.6/100)^2

= 93750*1096/1000*1096/1000

= RS. 112614(the amount standing to her credit at the end of the second year)

(2) 93750(1+9.6/100)^3

= 93750*1096/1000*1096/1000*1096/1000

= 123424.94

= 123424.94-112614= Rs.10810.94(the interest for the third year)

(3) CI= A-P

= 123424.64 - 93750

= 29674.64(the compound interest for 3 years)

Answer 2

Answer:

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