Mathematics
Calculate the compound interest for the second year on ₹8000 invested for 3 years at 10% p.a.
Also find the sum due at the end of third year.
Compound Interest
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Answer
Principal for first year = ₹8000.
Interest for the first year = ₹ = ₹800.
Amount after one year = ₹8000 + ₹800 = ₹8800.
Principal for the second year = ₹8800.
Interest for the second year = ₹ = ₹880.
Amount after 2 years = ₹8800 + ₹880 = ₹9680.
Principal for the third year = ₹9680.
Interest for the third year = ₹ = ₹968.
Amount after 3 years = ₹9680 + ₹968 = ₹10648.
Hence, the compound interest for the second year on ₹8000 invested for 3 years at 10% p.a. is ₹880 and the sum due at the end of third year is ₹10648.
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