Mohit invests 78,000 for 3 years at a certain
rate of interest, compounded annually. At the
end of one year it amounts to 9,440.
Calculate :
(i) the rate of interest per annum.
(ii) the amount at the end of the second year.
(iii) the interest accrued in the third year.
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rate of interest
= [(amount after one year-initial amount)/initial amount] x 100
=(9440-8000)/8000] x 100
=18%
Now, by using the formula of compound interest
A = P (1 + r/n) ^(nt)
where
A: amount after n years
P: principle amount
r/n: rate per n year
n: time period in years
The amount at the end of the second year
= 8000(1+0.18)^2
=11139.2
=11140 (approximatly)
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