If compound interest received on a certain amount in the 2nd year is Rs 1200, what will be the compound interest (in Rs) for the 4th year on the same amount at 10% rate of interest
please give detailed solution.
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Answered by
5
Amount is given by the formula:
A = P(1+R/100)^n
where
A = Amount
P = Principal
R = Rate
n = Number of years
Interest, I = A - P
I = P(1+R/100)^n - P
1200 = P(1+10/100)^2 - P
1200 = 0.21P
P = 1200/0.21
P = 5714.29
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4th year interest
n = 4
P = 5714.29
R = 10%
I = P(1+R/100)^n - P
I = 5714.29(1+10/100)^4 - 5714.29
= 2652
The interest is Rs. 2652
A = P(1+R/100)^n
where
A = Amount
P = Principal
R = Rate
n = Number of years
Interest, I = A - P
I = P(1+R/100)^n - P
1200 = P(1+10/100)^2 - P
1200 = 0.21P
P = 1200/0.21
P = 5714.29
----------------------------------------------------------------------------
4th year interest
n = 4
P = 5714.29
R = 10%
I = P(1+R/100)^n - P
I = 5714.29(1+10/100)^4 - 5714.29
= 2652
The interest is Rs. 2652
Answered by
9
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