Question

7. Mario invested Rs8,000 in a domain. She would be paid interest ar 5% per annum calculated
annually. Find: (i) the amount credited against his name at end of third year.

Answer 1

Answer:

9261

Step-by-step explanation:

simple interest for first year

principle = 8000

rate = 5%

interest = (8000*5*1)/100 = 400

principle for 2nd year = principle + interest = 8000 + 400

rate = 5 %

interest = (8400*5*1)/100 = 420

principle for 3rd year = principle + interest = 8400 + 420

rate = 5 %

interest = (8820*5*1)/100 = 441

amount credited against his name at the end of third year = 8820 + 441 = 9261