Question

Mr. Sharma invests ₹7500 at 11% p.a. compound interest for 2 years. Calculate:
i) The interest for the first year
ii) The amount at the end of first year
iii) The interest for the 2nd year correct to the nearest ₹.

Answer 1

Step-by-step explanation:

P=7500,

r=12,

n=2

12

4

=

3

7

CI=P[(1+

100

r

)

n

−1]

CI=Rs.7500[(1+

100

12

)

7/3

−1]

=2270.19

Value to the nearest integer=Rs.2276.

Answer 2

Answer:

2270.19

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