Question

8. Geeta invests Rs 9600 at 10% per annum for 3 years the interest compounded annually, calculate i) the amount standing to her credit at the end of second year ii) the interest for the third year. Ans.​

Answer 1

Answer:

(i)

Step-by-step explanation:

Total invested money = 9600

1st year Interst = 10% of 9600

10/100×9600

960 rs

2nd year interst = 10% of 9600+960

10/100 ×10560

1056rs

Answer 2

Answer:

Amount after one year = 9600 - 960= 10560

So the principal for the second year = 10560

Here the interest for the second year= (10560×10×1)/100

=1056

(ii) Amount after two years =10560+1056=11616

(iii) Compound interest earned in 2 years = 960+10560=2016

(iv) Difference between the answers in (ii) and (i) =11616−10560=1056

We know that