5. Calculate the compound interest for the second
year on 8,000/- invested for 3 years at 10%
per annum
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5. Calculate the compound interest for the second
year on 8,000/- invested for 3 years at 10%
per annum
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Answer:
COMPOUND INTREST
Step-by-step explanation:
PRINCIPAL=8000/-
RATE OF INTREST=10%
TIME=3 YEARS.
FOR Compound Intrest we should calculate year by year Time=1 year and Rate percent is same for all years.
CI=PRINCIPAL*RATE*TIME/100
1ST YEAR.= P=8000/-
T=1YEAR
RATE=10%
8000*1*10/100
=800
AMOUNT=8000+800
=8800/-
2ND YEAR= P=8800/-
R=10%
T=1Year
8800*10*1/100
=880/-
AMOUNT=8800+880
=9680/-
3RD YEAR= P=9680
R=10%
T=1YEAR
9680*10*1/100
=968/-
AMOUNT=9680+968
=10648/-
COMPOUND INTREST FOR SECOND YEAR:
=800+880
=1680