If the compound interest in the third year at 8% p.a. on certain sum is ₹3600, then what is the difference
between the compound interest in the and year? (nearest to an integer in ₹)
Answers
Given : the compound interest in the third year at 8% p.a. on certain sum is ₹3600,
To Find : the difference between the compound interest in the 4th and 5th year
Solution:
Initial Amount P
Compound interest in 3rd year = 3600
Compound interest in 4th year = Compound interest in 3rd year + inetrest on Rs 3600
= 3600 + 3600 * 8 * 1/100
= 3600 + 288
= 3888 Rs
the difference between the compound interest in the 4th and 5th year
= interest on interest earned in 4th year
= 3888 x 8 * 1/100
= 311.04 Rs
the difference between the compound interest in the 4th and 5th year = 311.04 Rs
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