Question

A person invests ₹ 8,400 at 14% p.a. compound interest for 2 years. [5]

Calculate :

(i) the interest for the 1st year,

(ii) the amount at the end of the 1st year.

(iii) the interest for the second year, correct to the nearest rupee.


PLS HELP HE I AM HAVING DOUBT​

Answer 1

A man invests Rs. 5,600 at 14% per annum compound interest for 2 years. Calculate the interest for the second year, correct to the nearest rupee.

ANSWER

For the first year:

P= Rs. 5,600, N=1 year and R=14%

We have S.I. =

100

PNR

=

100

5,600×1×14

= Rs. 784

And Amount at the end of first year P+S.I.= Rs. 5,600+ Rs. 784= Rs. 6,384

Now, for the second year :

P= Rs. 6,384, N=1 year and R=14%

We have S.I.=

100

PNR

=

100

6,384×1×14

= Rs. 893.76

To the nearest rupee, it is Rs. 894.

Answer by me

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