Arnav invests ₹8000 for 3 years at a certain rate of interest compounded annually. At the end of one year it amounts to ₹9200. Calculate: (a) The rate of interest. (b) The amount at the end of the second year. (c) The interest generated in the third year.
Answers
Given : Arnav invests ₹8000 for 3 years at a certain rate of interest compounded annually. At the end of one year it amounts to ₹9200.
To find : (a) The rate of interest. (b) The amount at the end of the second year. (c) The interest generated in the third year.
Solution:
P = Rs 8000
Interest rate = r
Amount after 1 year = 9200
A = P(1 + r/100)ⁿ
=> 9200 = 8000(1 + r/100)
=> 92/80 = 1 + r/100
=> 12/80 = r/100
=>r = 15
The rate of interest. = 15 %
Amount at end of 2nd year
= Amount at first year ( 1 + r/100)
= 9200 ( 1 + 15/100)
= Rs 10580
interest generated in the third year. = 10580 * 15 * 1/00
= Rs 1587
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Answer:
the answer is 15 I hope you like it