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Question
Rakesh invests Rs.25600 at 5% per annum compound interest payable annually for 3 years. Find the amount standing to his credit at the end of the second year.
Solution
For 1st year : P = Rs.25600, R = 5% and T = 1 year
∴ Interest = Rs.`(25600 xx 5 xx 1)/(100)`
= Rs.1280
And, amount
= Rs.25600 + Rs.1280
= Rs.26880
For 2nd year : P = Rs.26880, R = 5% and T = 1 year
∴ Interest = Rs.`(26880 xx 5 xx 1)/(00)`
=Rs.1344
And, amount
= Rs.26880 + Rs.1344
=Rs.28224
∴ Amount at the end of 2nd year is Rs.28224.
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