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Question
A man invests 5,600 at 14% per annum compound interest for 2 years. Calculate:
- The interest for the first year.
- The amount at the end of the first year.
- The interest for the second year, correct to the nearest rupee.
Solution
(i) For 1st years
P = Rs. 5600
R = 14%
T = 1 year
`I = (PxxRxxT)/100`
I = `[5600 xx 14 xx 1]/[100]` = Rs. 784
(ii) Amount at the end of the first year = Principal for first year + Interest
= 5600 + 784
= Rs. 6384.
(iii) For the first year:
P = Rs. 5,600, N = 1 year and R = 14%
We have,
S.I. = `"PNR"/100 = (5,600 × 1 × 14)/(100) = Rs. 784`.
Amount at the end of first year P + S.I. = Rs. 5600 + Rs. 784 = Rs. 6,384.
Now for the second year:
For 2nd year
P = 6384,
R = 14%,
N = 1 year
S.I. = `(PxxNxxR)/100 `
= `(6,384 xx 14 xx 1)/100`
= Rs. 893.76`
To the nearest rupee, it is Rs. 894 (nearly).
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