A man invests 8000 for three years at the rate of 10 per annum compound interest Find the interest f...

Question

A man invests 8000 for three years at the rate of 10 per annum compound interest Find the interest for the second year Also find the sum due at the end of the third year

Accepted Answer

It is given that Principal 8000 Rate of interest 10 pa We know that Interest for the first year Prt100 Substituting the values 8000 10 1 100 800 So the amount after the first year or principal for the second year 8000 800 8800 i Interest for the second year 8800 10 1 100 880 So the amount after the second year or principal for the third year 8800 880 9680 Interest for the third year 9680 10 1 100 968 ii Amount due at the end of the third year 9680 968 10648

ML Aggarwal Solutions Class 9 Mathematics Solutions for Compound Interest Exercise 2.1 in Chapter 2 - Compound Interest