Question

ramesh invests 12800 for three years at the rate of 10% per annum compound interest. find the sum due to ramesh at the end of 1st year, the interest he earns for second year and the total amount due to him at the end of 3rd year​

Answer 1

Answer:

1.14080

2.1408

3.17036.8

Step-by-step explanation:

The amount he invested=12800

Number of years=3

Rate of interest per annum=10%

Interest generated for first year

12800*10/100=1280

Since it is compound interest the sum he gets at the end of first year is 12800+1280=14080

Interest generated for second year

14080*10/100=1408

So 1408 is the interest generated for second year and the total becomes 15488

Interest generated for third year

15488*10/100=1548.8

So the total earnings by the end of three years are

15488+1548.8=17036.8