Question

A man interest rupees 7000 for 3 years at a certain rate of interest , compounded annually at the end of one Year IT amount rupay 7980 , calculate
(i) he rate of interest per annum
(ii) the interest a crued in the second year
(iii) the amount of the end of the third year

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Answer 1

Step-by-step explanation:

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Answer 2

Step-by-step explanation:

given,

A= Rs.7,980

P= Rs.7,000

A= P( 1+r/100)^3

7,980= 7,000(1+r/100)^3

7980/7000=(1+r/100)^3

1.24=(1+r/100)^3

(1.24)^3=(1+r/100)

1.07= (100 +r)/100

1.07 ×100=100+r

107=100+r

107-100=r

r=7%