A man invests Rs. 5,000 for 2 years at compound interest. After one year his money amounts to Rs. 5,150. Find the interest for the second year.

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Solution

Here,
Principal for the first year $P_{1} = 5, 000$ Rs.,
Amount at the end of the year $A_{1} = 5, 150$ Rs.
$I = A_{1} - P_{1} = 150$ Rs.
Rate of interest $= \frac{100 \times I}{P \times T} = \frac{100 \times 150}{5000 \times 1} = 3$
Now, For 2nd Year
$P = P_{1} + I = 5, 000 + 150 = 5150$
Interest for the second year $= \frac{P \times T \times R}{100}$
$= \frac{5150 \times 1 \times 3}{100}$
$= 154.5$
Hence, the answer is Rs. $154.5$

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A man invests Rs. 5,000 for 2 years at compound interest. After one year his money amounts to Rs. 5,150. Find the interest for the second year.

Here, Principal for the first year P1=5,000 Rs., Amount at the end of the year A1=5,150 Rs.I=A1−P1=150 Rs.Rate of interest =100×IP×T=100×1505000×1=3Now, For 2nd YearP=P1+I=5,000+150=5150Interest for the second year =P×T×R100 =5150×1×3100 =154.5Hence, the answer is Rs. 154.5