calculate the compound interest for second year on rupees 12000 invested for 3 years at 10% per year also find the sum due at the end of 3rd year
Answers
We have to calculate the compound interest for 2nd year on Rs 12,000 invested for 3 years at 10 % per annum. Also find the sum due at the end of 3rd years.
Solution : compound interest for 2nd year = C.I for 2 years - C.I for 1 year
= P(1 + r/100)² - P(1 + r/100)¹
= P(1 + r²/10000 + 2r/100 - 1 - r/100)
= p(r²/10000 + r/100)
= 12,000(100/10000 + 10/100)
= 12,000(1/100 + 1/10)
= 120 × 11
= 1320 Rs.
Sum due at the end of 3rd year = compound interest in 3 years
= P(1 + r/100)³ - P
= 12000(1 + 10/1000)³ - P
= 12000(11/10)³ - 12000
= 12 × 1331 - 12000
= 15972 - 12000
= 3972 Rs.
at the end of 3rd year, they should pay 3972 Rs.
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Step-by-step explanation:
For 1st year
P = 12000
R = 10 %
T = 1 year
S.I. = 12000*10*1/100
= 1200
Amount = 12000+1200
= 13200
For 2nd year
P = 13200
R = 10%
T = 1 year
S.I. = 13200*10*1/100
= 1320
Amount = 13200+1320
= 14520
For 3rd year
P = 14520
R = 10%
T = 1 year
S.I. = 14520*10*1/100
= 1452
Amount at the end of 3 year
= 14520+1452
= 15972