7. Maria invested 8,000 in a business. She would be paid interest at 5% per annum
compounded annually. Find
() The amount credited against her name at the end of the second year.
(ii) The interest for the 3rd year.
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Answer:
(i) Here, Principal (P) = Rs. 8000, Rate of Interest (R) = 5%, Time (n) = 2 years.
Amount (A) = P\left(1+\frac{R}{100}\right)^n
= 8000\left(1+\frac{5}{100}\right)^2
= 8000\left(1+\frac{1}{20}\right)^2
= 8000\left(\frac{21}{20}\right)^2
= 8000\times\frac{21}{20}\times\frac{21}{20}
= Rs. 8820
(ii) Here, Principal (P) = Rs. 8000, Rate of interest (R) = 5%, Time (n) = 3 years.
Amount (A) = P\left(1+\frac{R}{100}\right)^n
= 8000\left(1+\frac{5}{100}\right)^3
= 8000\left(1+\frac{1}{20}\right)^3
= 8000\left(\frac{21}{20}\right)^3
= 8000\times\frac{21}{20}\times\frac{21}{20}\times\frac{21}{20}
= Rs. 9,261
Interest for 3rd year = A - P
= Rs. 9,261 – Rs. 8,820 = Rs. 441
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