Calculate the Compound Interest for the Second Year on Rs. 15000 Invested for 5 Years at 6% per Annum. - Mathematics

Sum

Calculate the compound interest for the second year on Rs. 15000 invested for 5 years at 6% per annum.

Solution

Principal (P) = Rs.15000

Rate (R) = 6% p.a.

Period (n) = 5 years

Interest for the first year =("PRT")/100

=(15000xx6xx1)/100

= Rs.900

∴ Amount for the first year = Rs.15000 + 900

= Rs.15900

Principal for the second year= Rs.15900

Interest for the second year =(15900xx6xx1)/100

= 159 x 6

= Rs. 954

Concept: Concept of Compound Interest
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APPEARS IN

Selina Concise Mathematics Class 8 ICSE
Chapter 9 Interest
Exercise 9 (C) | Q 9 | Page 114