A sum of ₹ 9600 is invested for 3 years at 10% per annum compounded annually. What is the interest earned at the end of the first year
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Step-by-step explanation:
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
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