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Ramesh invests ₹ 12800 for three years at the rate of 10% per annum compound interest

(i) the sum due to Ramesh at the end of the first year.

(ii) the interest he earns for the second year.

(iii) the total amount due to him at the end of three years.

Answer:

It is given that

Principal = ₹ 12800

Rate of interest = 10% p.a.

(i) We know that

Interest for the first year = (12800 × 10 × 1)/ 100

= ₹ 1280

So the sum due at the end of the first year = 12800 + 1280

= ₹ 14080

(ii) Principal for second year = ₹ 14080

So the interest for the second year = (14080 × 10 × 1)/ 100

= ₹ 1408

(iii) We know that

The sum due at the end of the second year = 14080 + 1408

= ₹ 15488

Here

Principal for the third year = ₹ 15488

Interest for the third year = (15488 × 10 × 1)/ 100

= ₹ 1548.80

So the total amount due to him at the end of the third year = 15488 + 1548.80

= ₹ 17036.80

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