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Maria invested 8000 in a business she would be paid interest at 5% per annum compounded annually find
1. The amount credited against her name at the end of the second year
2.the interest for the third year
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(i) Here, Principal (P) = Rs. 8000, Rate of Interest (R) = 5%, Time = 2 years
Amount (A) = 8000*[1+5/100]^2
= Rs. 8,820
(ii) Here, Principal (P) = Rs. 8000, Rate of Interest (R) = 5%, Time = 3 years
Amount (A) = 8820*[1+5/100]
= Rs. 9,261
Interest for 3rd year = A – P
= Rs. 9,261 – Rs. 8,820 = Rs. 441
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