A man invested rupees 8000 for 3 years at simple interest rate of 8% p.a. he had invested the same sum for the same period to a compound interest rate of seven and half percent how much more would he have received after 3 years
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Answer:
Mohit invests Rs. 8,000 for 3 years at a certain rate of interest, compounded annually. At the end of one year it amounts to Rs. 9,440. Calculate: the interest accured in the third year.
ANSWER
P=Rs.8000
Amount after one year =Rs.9440
Interest for 1 year=9440−8000=Rs.1440
let rate of interest=R
C.I for one year=S.I for 1 year=
100
PRT
⇒1440=
100
8000×R×1
⇒R=
8000
1440×100
=18%
For second year
P=9440
R=18 %
T=1 year
∴Amount=P(1+
100
R
)
T
⇒9440(1+
100
18
)
⇒9440×
100
118
=Rs.11139.20
Hence Amount at the end of second year =Rs.11139.20
For the third year
P=Rs.11139.20
R=18%
T=1 year
Interest=
100
11139.20×18×1
=Rs.2005.06
Hence interest for third year =Rs.2005.06
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