Question

Calculate the compound interest for the second year on rs6000
10% p.a. Also find the sum due at the end of third
year.​

Answer 1

Step-by-step explanation:

Amount started as 6000 rs.

First year compounded @10%

6000 + 10% on 6000

Total Amount becomes = 6600

For second year Amount compounded @10%

6600 + 10% on 6600=> 6600 + 660 => 7260

So, Compound Interest for Second year is 660 rs.

Similarly at end of third year when compounded for one more year @10%. Amount become as -

= 7260 + 10% on 7260

=7260 + 726

= 7986 Rs.