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Question
A man's savings increases by Rs 50 every year. If he saves Rs 500 in the first year and puts it at 10% compound interest, find his savings at the end of the third year.
Solution
P =Rs. 500; R = 10°/o p.a.; T = 3 years
Interest for the 1st year
`= "Rs" (500 xx 10 xx 1)/100`
= Rs 50
Principal for the second year
= Amount at the end of one year + his new savin
= Rs. 500 + Rs. 50 +Rs. 550 =Rs. 1, 100
Interest for the seoond year
`= "Rs" (1100 xx 10 xx 1)/100`
= Rs 110
Compound interest for seoond year =Rs. 110
Principal for the third year
= Amount at the end of tvvo years + his new savings
=Rs. 1, 100 +Rs. 110 +Rs. 600 =Rs. 1,810
Interest for the third year
`= "Rs" (1810 xx 10 xx 1)/100`
= Rs 181
Sum due at the end of third year = his savings at the end of third year
= Rs 1,810 +Rs. 181 =Rs 1,991
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