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Maria Invested Rs 8,000 in a Business. She Would Be Paid Interest at 5% per Annum Compounded Annually. Find the Amount Credited Against Her Name at the End of the Second Year - Mathematics

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ConceptRate Compounded Annually Or Half Yearly (Semi Annually)

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`

  Is there an error in this question or solution?

APPEARS IN

 NCERT Solution for Mathematics Textbook for Class 8 (2018 to Current)
Chapter 8: Comparing Quantities
Ex. 8.3 | Q: 7 | Page no. 134

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Solution Maria Invested Rs 8,000 in a Business. She Would Be Paid Interest at 5% per Annum Compounded Annually. Find the Amount Credited Against Her Name at the End of the Second Year Concept: Rate Compounded Annually Or Half Yearly (Semi Annually).
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