Question

Maria invested rupees 8000 in a business. She would be paid at 5% per annum compounded annually. Find
1)the amount against her at the end of second year
2)the interest for the third year​

Answer 1

S. I - P*R*T/100

S.i- 8000*5*3/100

= 120000/100

= 1200

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Answer 2

Answer:

Step-by-step explanation:

using formula A = P (1 +r/100)∧n

A = 8000(1+5/100)∧2

=8000(105/100)∧2

= 8000x 1.1025

= 8820 (amount after the end of the second year)

For third year:

Amount = 8820(1+5/100)∧1 (since time is 1 year)

= 8820x1.05

=9261

amount in third year is Rs.9261

Interest = Amount in 3rd year - amount at end of 2nd year

i.e. 9261 - 8820 = 441

Interest in the 3rd year is Rs.441