If the compound interest received on a certain amount in the 2nd year is 1200,what will be the ci for 4th year on the same amount at 10percent ?
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Let the principal = P
Interest for 1st year = (P*10*1)/100
= P/10
Interest for 2nd year = ((P+P/10)*10*1)/100
= (11/100)P
(11/100)P = 1200
P = 10,910 (approx.)
Interest for 1st and 2nd year approx. = ₹1091 and ₹1200.10 respectively
Interest for 3rd year = (12110.10*10*1)/100
= ₹1211.01
Interest for 4th year = (13321.11*10*1)/100
= ₹1332.11 (approx.)
Hope this helps!!!!
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