if rupees 20000 is deposited for 3 years at 5% compounded annually then what will be the principal for the second year
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Answered by
0
Step-by-step explanation:
ANSWER
Principal for the first year = Rs. 20,000, rate = 5%, T = 1 year.
Interest for the first year =
100
20,000×1×5
=Rs.1,000 (using simple interest formula I=
100
P×T
1
×R
).
Principal for the second year = Rs. 20,000+1,000=Rs. 21,000.
Interest for the second year =
100
21,000×5
=Rs.1,050
Amount after 2 years = Rs. 21000 + 1050 = Rs. 22,050.
Compound interest = amount - principal = Rs. 22,050 - Rs. 20,000 = Rs. 2,050.
Hence the compound interest after 2 years is Rs. 2,050.
Simple interest on Rs. 20,000 for 2 years at the rate of 5% is
I=
100
20000×2×5
=Rs.2,000.
Answered by
0
Answer:
20000+5%=21000
21000+5%=22050
22050+5%=23152.5
Step-by-step explanation:
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