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Question
Ramesh invests Rs. 12,800 for three years at the rate of 10% per annum compound interest. Find:
(i) the sum due to Ramesh at the end of the first year.
(ii) the interest he earns for the second year.
(iii) the total amount due to him at the end of the third year.
Solution
For 1st year :
P = Rs. 12,800; R = 10 % and T = 1 year
Interest = Rs. `[ 12,800 xx 10 xx 1]/100` = Rs. 1,280.
Amount = Rs. 12,800 + Rs. 1,280 = Rs. 14,080.
For 2nd year :
P = Rs. 14,080; R = 10 % and T = 1 year
Interest = Rs. `[ 14,080 xx 10 xx 1]/100` = Rs. 1,408.
Amount = Rs. 14,080 + Rs. 1,408 = Rs. 15,488
For 3rd year :
P = Rs. 15,488; R = 10 % and T = 1 year
Interest = Rs. `[15,488 xx 10 xx 1]/[100]` = Rs. 1,548.80
Amount = Rs. 15,488 + Rs. 1,548.80 = Rs. 17,036.80
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