Rekha borrowed rupees 40000 for 3 years at 10% per annum compound interest calculated the interest paid by her for the second year
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Rupees borrowed = principal =P = Rs 40000
rate of interest = r = 10% p.a
number of times interest paid =n = 2(2years)
amount at the end of 2 year = A = P[(100+r)/100]^n
= 40000[(100+10)/100]^2
= 40000*110/100 *110/100
=4*110*110
A=Rs48400
interest paid for 2 years = A -P
=48400-40000
=Rs8400
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