Question

A man invests Rs.8000 at 14% p.a compound interest for 3 years. Calculate
i. the interest for the first year
ii. the interest for the second year iii. the interest for the third year

Answer 1

Answer:

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Step-by-step explanation:

i) interest for the first year = prt/100

8000×14×1/100=1120 rupees

ii) interest for second year = prt/100

1120×14×2/100=313.6 rupees

iii) interest for third year = prt/100

313.6×14×3/100=131.71