Question

Maria invested Rs 8,000 ina business . She would be paid interest at 5 percent annum compounded annually. FIND


1. The amount credited against her name at the end of the second year.

2. The interest for the 3rd year​

Answer 1

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Answer 2

HERE IS YOUR ANSWER

GIVEN :-

PRINCIPAL (P) = 8000

RATE (R) = 5%

TIME = N

AMOUNT = A

COMPOUND INTEREST = CI

Q1.SOLUTION :-

A = P(1+R/100)^N

A = 8000(1+5/100)^2

= 8000(1+1/20)^2

= 8000(21/20)^2

= 8000×21/20×21/20

= 20×21×21

= 8820

HENCE, THE TOTAL AMOUNT AT THE END OF TWO YEARS IS ₹8820

Q2.SOLUTION :-

A = P(1+R/100)^N

A = 8000(1+5/100)^3

= 8000(21/20)^3

= 8000×21/20+21/20×21/20

= 21×21×21

= 9261

CI = A - P

= 9261 - 8000

= 1261

HENCE, TOTAL INTEREST AFTER 3 YEARS IS ₹1261