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Question
Calculate the compound interest for the second year on ₹ 8,000/- invested for 3 years at 10% per annum.
Solution
For 1st year
P = ₹8000
R = 10%
T = 1 year
I = `[8000 xx 10 xx 1]/100` = 800
A = ₹8000 + ₹800 = ₹8800
For 2nd year
P = ₹8800
R = 10%
T = 1 year
I = `[ 8800 xx 10 xx 1]/100`
Compound interest for 2nd years = ₹880
Amount after 2 years = ₹8800 + ₹880 = ₹9680.
Principal for the third year = ₹9680.
Interest for the third year = `₹(9680 × 10 × 1)/100` = ₹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 the third year is ₹10648.
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