Question

calculate the compound interest for the second year on $6000 invested for 3 years at 10% p.a​

Answer 1

Answer:

a) Rs.660 b) Rs. 7986.

Since we have given that

Principal = Rs. 6000

Rate of interest = 10%

Number of years = 3

Interest for the first year would be

\dfrac{6000\times 10\times 1}{100}=Rs.\ 600

100

6000×10×1

=Rs. 600

sum for the second year would be

6000+600 = Rs. 6600

Compound interest for the second year.

\dfrac{6600\times 10\times 1}{100}=Rs.\ 660

100

6600×10×1

=Rs. 660

Sum for the third year would be

6600+660=72606600+660=7260

Compound interest for the third year would be

\dfrac{7260\times 10\times 1}{100}=Rs.\ 726

100

7260×10×1

=Rs. 726

Sum due at the end of 3 rd year would be

7260+726=Rs.\ 79867260+726=Rs. 7986

Hence, a) Rs.660 b) Rs. 7986.

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