Ramesh invests Rs. 12800 for 3 years at the rate of 10% per annum compound interest. What is the interest he earns for the second year?
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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
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