Question

Calculate the Compound Interest for the second year on Rs 6000 invested for 3 years at 10%p.a. also find the sum due at the end of third year.

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Answer 1

Answer:

1260; 7986

Step-by-step explanation:

for 1st yr intesret is 600

for 2nd yr interest is 660

sum due at the end of 3rd yr=7986

Answer 2

Principal for the first year = Rs 6000

Rate of interest = 10% p.a.

Interest for the first year = Rs (6000 × 10 × 1) / 100

= Rs 600

Amount at the end of first year = Rs 6000 + Rs 600

= Rs 6600

Principal for the second year = Rs 6600

Interest for the second year = Rs (6600 × 10 × 1) / 100

We get,

= Rs 660

Amount at the end of second year = Rs 6600 + Rs 660

= Rs 7260

Compound interest for the second year = Final amount – (original) Principal

= Rs 7260 – Rs 6000

= Rs 1260

Principal for the third year = Rs 7260

Interest for the third year = Rs (7260 × 10 × 1) / 100

We get,

= Rs 726

Amount at the end of third year = Rs 7260 + Rs 726

= Rs 7986

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