Question

A man invests RS.46875 at 4% per annum compound interest for 3 years. calculate:
(I) the interest for the first year
(II) the amount standing to his credit at the end of the second year
(III) the interest for the third year​

Answer 1

(i) Principal for the first year = Rs 46875

Rate of interest = 4% per annum

Therefore,

Interest for the first year = Rs (46875 × 4 × 1) / 100

We get,

= Rs 46875 / 25

= Rs 1875

Hence, interest for the first year is Rs 1875

(ii) Amount at the end of first year

= Rs 46875 + Rs 1875

We get,

= Rs 48750

Principal for the second year = Rs 48750

Interest for the second year = Rs (48750 × 4 × 1) / 100

= Rs 48750 / 25

We get,

= Rs 1950

Amount at the end of second year = Rs 48750 + Rs 1950

We get,

= Rs 50700

Hence, the amount at the end of second year is Rs 50700

(iii) Principal for the third year = Rs 50700

Interest for the third year = Rs (50700 × 4 × 1) / 100

We get,

= Rs 507 × 4

= Rs 2028

Hence, the interest for the third year is Rs 2028

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Answer 2

Given :- Aman invests ₹46875 at 4% per annum compound interest for 3 years.

Calculate :-

(i) the interest for the first year.

(ii) the amount standing to his credit at the end of the second year.

(iii) the interest for the third year.

Solution :-

Principal = ₹46875

Rate = 4% per annum compounded annually.

Time = 3 years.

we know that,

for first year CI and SI both are same.

SI = (P * R * T) / 100 .

so,

→ The interest for the first year = (46875 * 4 * 1)/100 = ₹1875 (Ans.i)

Now,

→ Amount after the first year = Principal for the second year = P + SI = 46875 + 1875 = ₹48750 .

So,

→ SI for second year = (48750 * 4 * 1)/100 = ₹1950 .

then,

→ Amount at the end of second year = Principal for the second year + SI for second year = 48750 + 1950 = ₹50700 (Ans.ii)

therefore,

→ Principal for third year = Amount at the end of second year = ₹50700

hence,

→ The interest for the third year = (50700 * 4 * 1)/100= ₹2028 (Ans.iii)

Learn more :-

CI in 2yr is Rs. 1600 and in 3 yrs it will be Rs. 1700. Find the rate of interest.

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