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A man invests ₹ 1200 for two years at compound interest. After one year the money amounts to ₹ 1275.

Find the interest for the second year correct to the nearest rupee.

Answer:

It is given that

Principal = ₹ 1200

After one year, the amount = ₹ 1275

So the interest for one year = 1275 – 1200 = ₹ 75

We know that

Rate of interest = (SI × 100)/ (P × t)

Substituting the values

= (75 × 100)/ (1200 × 1)

By further calculation

= 75/12

= 25/4

= 6 ¼ % p.a.

Here

Interest for the second year on ₹ 1275 at the rate of 25/4% = Prt/100

Substituting the values

= (1275 × 25 × 1)/ (100 × 4)

By further calculation

= 1275/16

= ₹ 79.70

= ₹ 80

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