Question

Q2. A man invests Rs. 7,000 in 3 years at a certain rate of interest compounded annually.
At the end of one year it amounts to Rs.7,980. Calculate (i) The rate of interest p.a.
(ii) Amount at the end of second year.​

Answer 1

answer:

i/

rate per annum = 7%

Step-by-step explanation:

given,

A= Rs.7,980

P= Rs.7,000

A= P( 1+r/100)^3

7,980= 7,000(1+r/100)^3

7980/7000=(1+r/100)^3

1.24=(1+r/100)^3

(1.24)^3=(1+r/100)

1.07= (100 +r)/100

1.07 ×100=100+r

107=100+r

107-100=r

r=7%

wish it works