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Question
Mohit invests Rs. 8,000 for 3 years at a certain rate of interest, compounded annually. At the end of one year it amounts to Rs. 9,440. Calculate :
(i) the rate of interest per annum.
(ii) the amount at the end of the second year.
(iii) the interest accrued in the third year.
Solution
For 1st year
P = Rs. 8,000; A = 9,440 and T= 1 year
Interest = Rs. 9,440 - Rs. 8,000 = Rs. 1,440
Rate = `["I" xx 100 ]/[ "P" xx "T"] %`
= `[1,440 xx 100]/[8,000 xx 1 ]`% = 18%
For 2nd year
P= Rs. 9,440; R = 18% and T= 1 year
Interest = Rs `[9,440 xx 18 xx 1]/[100]`= Rs. 1,699.20
Amount = Rs. 9,440 + Rs. 1,699.20 = Rs. 11,139.20
For 3rd year
P = Rs. 11,139.20; R = 18 % and T= 1year
Interest = Rs. `[11,139.20 xx 18 xx 1]/[100]`= Rs. 2,005.06
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