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Question
Maria invested Rs 8,000 in a business. She would be paid interest at 5% per annum compounded annually. Find.
1) The amount credited against her name at the end of the second year
2) The interest for the 3rd year.
Solution
1) P = Rs 8,000
R = 5% per annum
n = 2 years
A = Rs `[8000(1 + 5/100)^2] = Rs (8000(1 + 1/20)^2)`
= Rs `(8000 xx 21/20 xx 21/20)` = Rs 8820
2) The interest for the next one year, i.e. the third year, has to be calculated.
By taking Rs 8,820 as principal, the S.I. for the next year will be calculated.
S.I = Rs `((8820 xx 5 xx 1)/100)= Rs 441`
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