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.
Compound Interest
128 Likes

Question

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.

KnowledgeBoat · Accepted Answer

Let rate of interest be r% per annum. Given, ₹1200 amounts to ₹1275 after one year. Substituting values we get, Principal for second year = ₹1275. Interest for second year = . Substituting value we get, Hence, the interest for the second year = ₹80.

Mathematics

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.

Compound Interest

Related Questions

On what sum will the compound interest for 2 years at 4% per annum be ₹5712?

At what rate percent per annum compound interest will ₹2304 amount to ₹2500 in 2 years?