Find the amount of ₹8000 for 2 years compounded
annually and the rates being 9% per annum during
the first year and 10% per annum during the second
year.
Answers
Answer:
Rate of interest for the first year = 9% p.a. Rate of interest for the second year = 10% p.a. Hence, Amount would be Rs. 9592 for 2 years.
Step-by-step explanation:
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Answer:
Rate of interest for the first year = 9% p.a. Rate of interest for the second year = 10% p.a. Hence, Amount would be Rs. 9592 for 2 years.
Step-by-step explanation:
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Principal for the first year = Rs.8000, Rate = 5% per annum, T = 1 year
Interest for the first year = =
100
P×R×T
=Rs.[
100
8000×5×1
]=Rs.400
∴ Amount at the end of the first year = Rs. (8000 + 400) = Rs. 8400
Now principal for the second year = Rs.8400
Interest for the second year =
100
P×R×T
=Rs.[
100
8400×5×1
]=Rs.420
∴ Amount at the end of the second year = Rs. (8400 + 420) =Rs.8820
Interest for the third year =
100
P×R×T
=Rs.
100
8820×5×1
=Rs.441
∴ Amount at the end of the third year = Rs.(8820 + 441) = Rs. 9261
Now we know that total C.I. = Amount - Principal = Rs. (9261 - 8000) = Rs. 1261
we can also find the C.I. as follows
Total C.I. = Interest for the first year + Interest for the second year + Interest for third year = Rs. (400 + 420 + 441) = Rs.1261