A sum of ₹13,500 is invested at 16% per annum compound interest for 5 years. Calculate:
(i) the interest for the first year.
(ii) the amount at the end of the first year.
(iii) the interest for the second year, correct to the nearest rupee.
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[tex] \: \huge{{\mathfrak\red{⛄answer⛄}}}[/tex]
For 1st year:
P = Rs. 13,500; R = 16% and T = 1 year
[tex]Interest \: = Rs \: \frac{13500 \times 16 \times 1}{100} = Rs[/tex]
2,160
Amount = Rs. 13,500+ Rs. 2,160= Rs.
15600
For 2nd year :
P = Rs. 15,660; R = 16% and T = 1 year
[tex]Interest \: = \: Rs \: \frac{15600 \times 16 \times 1}{100} = Rs[/tex]
2,505.60 = Rs. 2,506
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[tex] \: \huge{{\mathfrak\red{⛄answer⛄}}}[/tex]
For 1st year:
P = Rs. 13,500; R = 16% and T = 1 year
[tex]Interest \: = Rs \: \frac{13500 \times 16 \times 1}{100} = Rs[/tex]
2,160
Amount = Rs. 13,500+ Rs. 2,160= Rs.
15600
For 2nd year :
P = Rs. 15,660; R = 16% and T = 1 year
[tex]Interest \: = \: Rs \: \frac{15600 \times 16 \times 1}{100} = Rs[/tex]
2,505.60 = Rs. 2,506
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hope it was helpful to you