Mario invested Rs8,000 in a domain. She would be paid interest ar 5% per annum
calculated annually. Find: (i) the amount credited against his name at end of third year.
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2
Answer:
9261
Step-by-step explanation:
simple interest for first year
principle = 8000
rate = 5%
interest = (8000*5*1)/100 = 400
principle for 2nd year = principle + interest = 8000 + 400
rate = 5 %
interest = (8400*5*1)/100 = 420
principle for 3rd year = principle + interest = 8400 + 420
rate = 5 %
interest = (8820*5*1)/100 = 441
amount credited against his name at the end of third year = 8820 + 441 = 9261
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