Question

A man invests ₹9600 at 10% per annum compound interest for 3 years. Calculate the interest paid by him for the second year​

Answer 1

Answer:

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Principal (P) = Rs. 9600Rate

(R) = 10% p.aPeriod

(n) = 3 Years

(i) ∴ Interest for the first year = PRT/100= (9600 x 10 x 1)/100 = Rs. 960

(ii) Amount at the end of first year= P + S.I = Rs. 9600 + 960 = Rs. 10560

(iii) Principal for the second year = Rs. 10560Interest for the second year = (10560 x 10 x 1)/100= Rs. 1056

(iv) Principal for the third year = Rs. 11616Interest for the third year = (11616 x 10 x 1)/100116.16 x 10 = Rs. 1161.60