Question

calculate the compound interest for the second year on 8000 Invested for 3 years at 10% per annum

Answer 1

Answer:

Step-by-step explanation:

Formula of compound interest is = P {$[1 + R/ 100]^{T}$};

Here P is the principle amount:

T is the duration of investment in years;

R is the rate of interest:

Putting the value of P, R and T in above formula:

Compound Interest = 800 [1 + 10/100]^3;

= 800 [1 + 0.1 ]^3;

= 800 [1.1]^3;

= 800 * 1.331;

= 1064.8