A man invests Rs.9600 at 10% per annum compound interest for 3
years.
Calculate
Amount at the end of first year
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Answer:
Principal (P) = Rs. 9600
Rate (R) = 10% p.a
Period (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. 10560
Interest for the second year = (10560 x 10 x 1)/100
= Rs. 1056
∴ Amount after second year = Rs. 10560 + 1056 = Rs. 11616
(iv) Principal for the third year = Rs. 11616
Interest for the third year = (11616 x 10 x 1)/100
116.16 x 10 = Rs. 1161.60
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