Question

- A man borrowed 1,40,000 from a bank for 2 years interest compounded annually, the
rate of interest being 8% for the first year and 8.5% for the second year. Find the amount
and the compound interest payable after the end of the second year.​

Answer 1

Given :-

Principal = 1,40,000

Total time = 2 years

$R_1\: =\: 8$

$R_2\: =\: 8.5$

To Find :-

The amount at the end of second year.

Solution :-

For the first year when r is 8% :-

Principal = 1,40,000

$I\: =\: {\dfrac{P \times R \times T}{100}}$

On inserting the values in the formula

We get ,

$I\: =\: {\dfrac{140000 \times 8 \times 1}{100}}$

= 11200

Therefore, Interest is 11,200

Amount = Principal + Interest

= 1,40,000 + 11,200

= 151200

Therefore amount for the first year is 1,51,200

For the second year when r is 8.5% :-

Principal = 1,51,200

$I\: =\: {\dfrac{P \times R \times T}{100}}$

On inserting the values in the formula

We get ,

$I\: =\: {\dfrac{151200 \times 8.5 \times 1}{100}}$

= 12852

Therefore, Interest is 12,852

Amount = Principal + Interest

= 151200 + 12852

= 164052

Therefore, amount for the second year is 1,64,052.

Answer 2

Answer:

the right answer is the above one