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. A man invests ₹ 46875 at 4% per annum compound interest for 3 years. Calculate:

(i) the amount standing to his credit at the end of the second year.

(ii) the interest for the third year.

(iii) the interest for the first year.

Answer:

It is given that

Principal = ₹ 46875

Rate of interest = 4% p.a.

(i) Interest for the first year = Prt/100

Substituting the values

= (46875 × 4 × 1)/ 100

= ₹ 1875

So the amount after the first year or principal for the second year = 46875 + 1875 = ₹ 48750

Here

Interest for the second year = (48750 × 4 × 1)/ 100

So we get

= ₹ 1950

(ii) We know that

The amount at the end of the second year = 48750 + 1950

= ₹ 50700

(iii) Interest for the third year = (50700 × 4 × 1)/ 100 = ₹ 2028

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