Maria invested Rs.80000 in a business. She would be paid interest at 5% per annum compounded annually. Find the amount standing to her credit at the end of second year and the interest for third year
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5% of Rs. 80000 5 by 100 × 80000.
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Answer:
Ans. (i) Here, Principal (P) = Rs. 8000, Rate of Interest (R) = 5%, Time = 2 years
Step-by-step explanation:
Ans. (i) Here, Principal (P) = Rs. 8000, Rate of Interest (R) = 5%, Time = 2 years
Amount (A) = 8000*[1+5/100]^2
= Rs. 8,820
(ii) Here, Principal (P) = Rs. 8000, Rate of Interest (R) = 5%, Time = 3 years
amount (A) = 8820*[1+5/100]
= Rs. 9,261
Interest for 3rd year = A – P
= Rs. 9,261 – Rs. 8,820 = Rs. 441
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