Question

A man invests 1200 for two years at compound interest. After one year the money amounts to 1275. Find the interest for the second year correct to nearest rupee.​

Answer 1

Solution:

Given,

Sum = Rs. 1200

Amount after 1 year = Rs.1275 - Rs.1200 = Rs.75

Compound Interest of 1 year = Simple Interest of 1 year = PRT / 100

Here,

P = Principal

R = Rate of interest

T = Time taken

=> 75 = 1200 × R × I / 100

=> R = 75 × 100 / 1200 × 1

=> R = 6.25%

For second year,

Sum = Rs. 1275

Simple Interest = PRT / 100

Simple Interest = 1275 × 25 × 1 / 100 × 4 = Rs. 79.68

Thus, the interest for the second year correct to nearest rupee is Rs. 79.68/-.

Answer 2

Answer:

This is your answer

Step-by-step explanation:

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