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Question
Neena's savings increases by Rs 1,000 every year. If she saves Rs 4,000 in the first year and invests it at 15% compound interest, find her total savings at the end of the third year.
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Solution
P =Rs. 4,000 ; R = 15% p.a. ; T = 3 years
Interest for the 1st year
`= "Rs" (4000 xx 15 xx 1)/100`
= Rs 600
Principal for the second year
= Amount at the end of one year + her new savings
= Rs. 4,000 + Rs. 600 +Rs. 5,000 =Rs. 9,600
Interest for the seoond year
`= ("Rs" 9600 xx 15 xx 1)/100`
= Rs 1, 440
Compound interest for seoond year =Rs. 1,440
Principal for the third year
= Amount at the end of two years + her new savings
=Rs. 9,600 +Rs. 1,440 +Rs. 6000 =Rs. 17.040
Interest for the third year
`= "Rs" (17040 xx 15 xx 1)/100`
= Rs 2,556
Sum due at the end of third year = her savings at the end of third year
= Rs. 17,040 +Rs. 2,556 =Rs 19,596
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