A sum of Rs 9600 invested for 3 years amounts to Rs 10560 after one year. Find: (i) rate percent per annum (ii) compound interest for 2 years (iii) amount at the end of 3 years.
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Answers
Answer:
It is given that
Principal= 9600
Rate of interest = 10% p.a
Period = 3 years
We know that
Interest for the first year= Prt/100
Substituting the values
= (9600×10×1)/100
= 960
(i) Amount after one year = 9600 - 960= 10560
So the principal for the second year = 10560
Here the interest for the second year= (10560×10×1)/100
=1056
(ii) Amount after two years =10560+1056=11616
(iii) Compound interest earned in 2 years = 960+10560=2016
(iv) Difference between the answers in (ii) and (i) =11616−10560=1056
We know that
Interest on 1056 for 1 year at the rate of 10% p.a.= (1056×10×1)/100
=105.60
(v) Here
Principal for the third year = 11616
So the interest for the third year = (11616×10×1)/100
=1161.60