Question

5. Mohit invests 8,000 for 3 years at a certain
rate of interest, compounded annually. At the
end of one year it amounts to 9,440.
Calculate :
(i) the rate of interest per annum.
(ii) the amount at the end of the second year.
(iii) the interest accrued in the third year.​

Answer 1

Answer:

(i)18%

(ii)Rs.108880

(iii)Rs.4320

Step-by-step explanation:

(i)Principal=Rs.8000

Amount=Rs.9440

Simple interest=9440-8000=Rs.1440

Time=1 yr.

Rate=1440×100/8000=18%

(ii)New Time=2 yr.

New Simple interest=8000×2×18/100=Rs.2880

New Amount=8000+2880=Rs.10880

(iii)New Time=3 yr.

New Simple Interest=8000×18×3/100=Rs.4320

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