Question

Calculate the compound interest for the second year on 12000 invested for 4 years at 5% per annum.

Please tell me the answer..​

Answer 1

Answer:

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Answer 2

Answer:

630

Step-by-step explanation:

For first year:

P=12000

R=5%

So Interest = P * R * T / 100 = 12000 *5 * 1 / 100 = 600

Amount at the end of the first year=12000+600=12600

P for second year=12600

I for second year=12600*5*1/100=630