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A sum of 3 8,000 is invested for 2 years
at 10% per annum compound interest.
Calculate :
(i) interest for the first year.
(ii) principal for the second year.
(iii) interest for the second year.
(iv) final amount at the end of the second
year.
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Step-by-step explanation:
(i) Here Principal (P) = Rs. 8,000
Rate of interest = 10%
Interest for the first year = (8,000 × 10 × 1)/100
= Rs. 800
(ii) ∴ Amount = Rs. 8,000 + Rs. 800 = Rs. 8,800
Thus principal for the second year = Rs. 8,800
(iii) Interest for the second year
= (8,800 × 10 × 1)/100 = Rs. 880
(iv) Amount at the end of the second year = Rs.
8,800 + Rs. 880 = Rs. 9,680
(v) Hence compound interest earned in 2 years
= Rs. 9,680 – Rs. 8,000 = Rs. 1680
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