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Question
Rekha borrowed Rs. 40,000 for 3 years at 10% per annum compound interest. Calculate the interest paid by her for the second year.
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Solution
For 1st year
Principal = Rs.40,000, Rate = 10%, Time = 1 year
∴ Interest =`(40,000xx10xx1)/100`
= 400 × 10
= Rs.4000
∴ Amount at the end of 1st year = Rs. (40,000 + 4000) = Rs.44,000
For 2nd year
P = Rs.44,000, R = 10%, T = 1 year
∴ Interest = Rs.`(44,000xx10xx1)/100`
= 440 × 10
= Rs.4400
Thus interest earned in the second year = Rs.4400
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