A man invested rupees 15000 for 2 years at compound interest after one year his money amount to rupees 16250 find the rate of interest (1) interest for the second year to the nearest rupees and (2) in amount after 2 year?
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Answer:
Rate of interest: 8.333%
Interest for the second year: 1354
Amount after 2 years: 17604
Step-by-step explanation:
A = P×(1+r)^n
applying for 1 year
16250= 15000×(1+r)^1
1+r = 1.08333
r = 8.3333%
Amount after 2 years
A= 15000×(1+.08333)^2
A= 17604
interest accumulated for second year= Amount after 2 years- amount after 1 year
= 17604-16250
=1354
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