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Question
Saurabh invests Rs. 48,000 for 7 years at 10% per annum compound interest. Calculate:
(i) the interest for the first year.
(ii) the amount at the end of second year.
(iii) the interest for the third year.
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Solution
For 1st year :
P = Rs. 48,000; R = 10 % and T = 1 year
Interest = Rs. `[48,000 xx 10 xx 1]/[100]` = Rs. 4,800
Amount = Rs. 48,000 + Rs. 4,800 = Rs. 52,800
For 2nd year :
P = Rs. 52,800; R = 10 % and T = 1 year
Interest = Rs. `[52,800 xx 10 xx 1]/[100]`= Rs. 5,280
Amount = Rs. 52,800 + Rs. 5,280 = Rs. 58,080
For 3rd year :
P = Rs. 58,080; R = 10% and T = 1 year
Interest = Rs.`[58,080 xx 10 xx 1]/[100]` = Rs. 5,808
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