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Mathematics

The compound interest for the second year on ₹ 8,000 invested for 3 years at 10% p.a. is:

  1. ₹ 780

  2. ₹ 880

  3. ₹ 890

  4. ₹ 1,080

Compound Interest

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Answer

Given,

P = ₹ 8,000

T = 1 year

r = 10%

For the first year,

By formula,

I = P×R×T100\dfrac{P \times R \times T}{100}

=8000×10×1100= \dfrac{8000 \times 10 \times 1}{100} = ₹ 800.

Amount = P + I = ₹ 8,000 + ₹ 800 = ₹ 8,800.

Amount at beginning of second year = ₹ 8,800.

P = ₹ 8,800

T = 1 year

r = 10%

For the first year,

By formula,

I = P×R×T100\dfrac{P \times R \times T}{100}

=8800×10×1100= \dfrac{8800 \times 10 \times 1}{100} = ₹ 880.

The compound interest for the second year is ₹ 880

Hence, option 2 is correct option.

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