Question

A sum of ₹13,500 is invested at 16% per annum compound interest for 5 years. Calculate:
(i) the interest for the first year.
(ii) the amount at the end of the first year.
(iii) the interest for the second year, correct to the nearest rupee.​

Answer 1

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For 1st year:

P = Rs. 13,500; R = 16% and T = 1 year

$Interest \: = Rs \: \frac{13500 \times 16 \times 1}{100} = Rs$

2,160

Amount = Rs. 13,500+ Rs. 2,160= Rs.

15600

For 2nd year :

P = Rs. 15,660; R = 16% and T = 1 year

$Interest \: = \: Rs \: \frac{15600 \times 16 \times 1}{100} = Rs$

2,505.60 = Rs. 2,506

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Answer 2

$\: \huge{{\mathfrak\red{⛄answer⛄}}}$

For 1st year:

P = Rs. 13,500; R = 16% and T = 1 year

$Interest \: = Rs \: \frac{13500 \times 16 \times 1}{100} = Rs$

2,160

Amount = Rs. 13,500+ Rs. 2,160= Rs.

15600

For 2nd year :

P = Rs. 15,660; R = 16% and T = 1 year

$Interest \: = \: Rs \: \frac{15600 \times 16 \times 1}{100} = Rs$

2,505.60 = Rs. 2,506

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hope it was helpful to you