Question

A man invests 40,000 at 4% p.a compound interest for 2 years. Calculate the following:
i) The interest for the first year.
ii) The interest for the second year.
iii) The amount that the man will receive after 2 years.​

Answer 1

For the first year:

P= Rs. 5,600, N=1 year and R=14%

We have S.I. =

100

PNR

=

100

5,600×1×14

= Rs. 784

And Amount at the end of first year P+S.I.= Rs. 5,600+ Rs. 784= Rs. 6,384

Now, for the second year :

P= Rs. 6,384, N=1 year and R=14%

We have S.I.=

100

PNR

=

100

6,384×1×14

= Rs. 893.76

To the nearest rupee, it is Rs. 894.

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Answer 2

Answer:

i) Rs. 6,384

 ii) 100

iii) Rs. 893.76

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