Mathematics

Calculate the compound interest for the second year on ₹ 8000 invested for 3 years at 10% per annum.

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For first year :

P = ₹ 8000

T = 1 year

R = 10%

I = $\dfrac{P \times R \times T}{100} = \dfrac{8000 \times 1 \times 10}{100}$ = ₹ 800.

Amount = P + I = ₹ 8000 + ₹ 800 = ₹ 8800.

For second year :

P = ₹ 8800

T = 1 year

R = 10%

I = $\dfrac{P \times R \times T}{100} = \dfrac{8800 \times 1 \times 10}{100}$ = ₹ 880.

Hence, C.I. for second year = ₹ 880.

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