Question

bharat Singh borrows rs 3000 on compound interest for the first year will be at 13% per annum and for the second year at 12% per annum. Find how much interest he has to pay if the compound interest is payable annually

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Answer 1

Answer:

Rs. 796.8

Step-by-step explanation:

First Year:

P = 3000

r = 13% = 0.13

n = 1

t = 1

A1 = 3000(1+0.13)^1

A1 = 3390

Second Year:

P = 3390

r= 12% = 0.12

n = 1

t = 1

A2 = 3390(1+0.12)^1

A2 = 3796.8

Interest = Final Amount - Principal

= 3796.8 - 3000

= Rs. 796.8