Mr. X invested Rs.5,000/- at a certain rate of interest compounded annually. At the end of one year this sum amounts to Rs.5325. Calculate: (i) rate of interest (ii) amount at the end of second year, to the nearest rupee.
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Answer:
P=5000
Amount at the end of first year=5325
S.I=A-P
=5325-5000
=325
1)RATE=SI×100÷P×T
=325×100÷5000×1
=325÷50
=6.5%p.a
2)amount at the end of the second year= a(1+r/100)^2
= 5000(1+6.5/100)^2
=5000×1065/1000×1065/1000
=1065×1065/200
=213×213/8
=45399/8
=5671
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