Question

A sum of Rs 8,000 is invested at 10% p.a. compound interest for 3/2 years compounded annually. Find the amount after one year.
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Answer 1

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Given, P= Rs. 8,000,R=10%.

Interest for second year = P×100R×(1+100R)

= 8000×10010×(1+10010)

= 800×1011

Therefore, interest for second year = Rs. 880.