Rekha borrowed ₹40000 for 3 years at 10% per annum compound interest.Calculate the interest earned in the second year.
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6
Interest on first year=10%of 40000=4000
amount at end of 1 year=44000
interest earned in second year=10%of 44000
=Rs 4400
amount at end of 1 year=44000
interest earned in second year=10%of 44000
=Rs 4400
Answered by
1
Compound interest = 40000(1+10/100) power 2
=40000×11/10×11/10
=400×11×11
=48400
Interest = 48400-40000
=8400
=40000×11/10×11/10
=400×11×11
=48400
Interest = 48400-40000
=8400
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