Question

A sum of Rs.12,000 is invested for 3 years at 18 % per annum compound interest. Calculate the interest for the second year.

A. 2500
B. 2525
C. 2550
D. 2575

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Answer 1

Answer:

Correct option is C 2550

Interest for first year =

$\frac{12000 \times 1 \times 8}{100} = 2160$

Amount after first year = 12000 + 2160 = 14160

Interest for second year =

$\frac{14160 \times 1 \times 18}{100} = 2550(approx)$

Explanation:

hope it helps you

Answer 2

Answer:

actually the answer is 2548.8