Question

Calculate the compound interest for the second year on 8000 invested for
3 years at 10% p.a.​

Answer 1

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

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Answer 2

Answer:

Compound interest for the second year on 8000 Invested for 3 years at 10% per annum = Rs 880.

Step-by-step explanation: Principle = rs 8000. Interest Rate = 10% per annum. ...

Rs 880. Another way. Compund Interest = P (1 + r/100)ⁿ - P n = time in years r = rate of interest.

Step-by-step explanation: