rupees 8000 was invested at 5% per annum compound interest compounded annually . Find
1.the amount at the end of the second year
2.the interest for the third year
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Answer:
Here P=Rs.8000,R=5%per annum and n=2 years.
∴ Amount after 2 years =P(1+
100
R
)
n
Amount after 2 years =Rs.[8000×(1+
100
5
)
2
]
Amount after 2 years =Rs.(8000×
100
105
×
100
105
)=Rs.8820
Now, the principal for the third year will be the amount at the end of the second year.
Interest=
100
P×R×T
Interest=
100
8820×5×1
= Rs441
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