Question

A man invest Rs6000 for 2yr at a certain rate of compound intrest annually
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Answer 1

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Answer 2

Nikita invests Rs. 6000 for two years at a certain rate of interest compounded annually. At the end of the first year, it amounts to Rs. 6720. Calculate:

1) the rate of interest.

2) the amount at the end of the second year.

SOLUTION

1) P = Rs. 6000, Amount at the end of the first year = Rs. 6720

S.I. for first year = Rs. (6720 – 6000) = Rs. 720

Let r% be the rate of interest p.a.

720=6000×r×1100

r=72060=12%

2) S.I. for second =

6720×12×1100=Rs 806.40

Amount at the end of second year = Rs. (6720 + 806.40) = Rs. 7526.40

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