A man invests rupees 10000for 3 years at a certain rate of interest, compounded annually. At the end of one year , it amounts to rupees 11200 Calculate: The interest accrued in the second year;
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Answer:2480
Step-by-step explanation:
Let the percentage of Intrest for 3yrs
=X
=X/100×10000=11200
=X=112%
Therefore the interest occurred in the second year
=112/100×10000×2=22400
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