a sum of Rs 9,600 is invested for 3 years at 10% per anumm compound interest
1: what is the sum due at the end of the first year
2:what is the sum due at the end of the 2nd year
3:find the compound interest earned in the first 2 years.
4:find the amount at the end of 3 years
Answers
Answer:
Compound interest after 1 year = same as simple interest =
= Rs 9, 600 * 10/100 * 1 = Rs 960
Compound interest earned during 2ng year = simple interest + interest on interest
= Rs 960 + Rs 960 * 10/100 * 1 = Rs 1,056
total compound interest earned in two years = Rs 2, 016
compound interest during 3rd year
= simple interest + interest on interest
= Rs 960 + Rs 1, 056 * 10/100 * 1
= Rs 1, 065.60
Total compound interest earned in 3 years = Rs 3, 081.60
You can also use the formula to find the sum and interest.
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Compound interest after 1 year = same as simple interest =
= Rs 9, 600 * 10/100 * 1 = Rs 960
Compound interest earned during 2ng year = simple interest + interest on interest
= Rs 960 + Rs 960 * 10/100 * 1 = Rs 1,056
total compound interest earned in two years = Rs 2, 016
compound interest during 3rd year
= simple interest + interest on interest
= Rs 960 + Rs 1, 056 * 10/100 * 1
= Rs 1, 065.60
Total compound interest earned in 3 years = Rs 3, 081.60
You can also use the formula to find the sum and interest.