Question

a man invests rupees 5000 for 3 years at the certain rate of interest compounded annually at the end of 1 year it amounts to Rs 5600 calculate (i)rate of interest per annum (ii)the interest accrued in the second year (iii) the amount at the end of the third year. plz give me answer fast

Answer 1

Step-by-step explanation:

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Answer 2

We know that

Principal invest = 5000

Let r% p.a be the rate of interest

1. Given that

Interest at the end of one year = $\frac{prt}{100}$

Substituting the values

= $\frac{(5000*r*1)}{100}$

= 50r

Now that

Amount = 5000 + 5r

Therefoe,

5000+50r=5600

50r=5600−5000=600

That is,

r= $\frac{600}{50}$ =12

Therefore, the rate of interest is 12% per annum.

(ii) Given that

Interest for the second year

=$\frac{(5600*12*1)}{100}$ = 672

Therefore, the interest accrued in the second year

= 5600+672

= 6272

(iii) Given that

Interest for the third year

= $\frac{(6272*12*1}{100}$

= 752.64

That is, the amount at the end of the third year

= 6272+752.64

= 7024.64