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Question
Ramesh invests Rs. 12,800 for three years at the rate of 10% per annum compound interest. Find:
- the sum due to Ramesh at the end of the first year.
- the interest he earns for the second year.
- the total amount due to him at the end of the third year.
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Solution
i. 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
ii. 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
iii. 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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