Question

6. Calculate
the compound interest for the 2 year on 15,000 invested for 3 years at 8% per annum.
(ii) the sum due at the end of IIIrd year.
please answer fast
i want step by step explanation ​

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