Question

A man invests ₹50000 at 7% p.a for three years calculate 1 the amount at the end of second year 2 difference in the interest for 3rd year and 2nd year

Answer 1

Answer:

Principal = Rs.50000

Rate of interest = 8%

Time = 3 years

We are supposed to find the amount after 2 years

So, time = 2 years

Formula :  

So, the amount standing to her credit at the end of the second year is 58320

Now we are supposed to find the interest for third year

Interest till second year = Amount of 2 years - Principal= 58320 - 50000 = Rs.8320

Calculate the amount after 3 years

Interest till third year = Amount of 2 years - Principal= 62985.6 - 50000 = Rs.12985.6

So, Interest for third year = Interest till 3rd year - Interest till 2nd year

Interest for third year = 12985.6 - 8320

Interest for third year =Rs.4665.6

So, the interest for third year is Rs.4665.6

Step-by-step explanation: