Mohit invests Rs 8000 for 3 years at a certain rate of interest, compounded
annually. At the end of one year it amounts to Rs 9440. Calculate:
i) The rate of interest er annum.
ii) The amount at the end of second year.
iii) The interest accured in the third year.
Answers
Answered by
8
Answer:
Step-by-step explanation:
P=Rs.8000
Amount after one year =Rs.9440
Interest for 1 year=9440−8000=Rs.1440
let rate of interest=R
C.I for one year=S.I for 1 year=
100
PRT
⇒1440=
100
8000×R×1
⇒R=
8000
1440×100
=18%
For second year
P=9440
R=18 %
T=1 year
∴Amount=P(1+
100
R
)
T
⇒9440(1+
100
18
)
⇒9440×
100
118
=Rs.11139.20
Hence Amount at the end of second year =Rs.11139.20
For the third year
P=Rs.11139.20
R=18%
T=1 year
Interest=
100
11139.20×18×1
=Rs.2005.06
Hence interest for third year =Rs.2005.06
Similar questions