A man invests Rs. $5, 600$ at $14$ % per annum compound interest for $2$ years. Calculate the interest for the first year.

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Solution

For the first year
$P = R s 5, 600$
$N = 1 y e a r$
$R = 14$ %
We have $S . I . = \frac{P N R}{100} = \frac{5, 600 \times 1 \times 14}{100} = R s 784$

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A person invests Rs.5,600 at 14% per annum compound interest for two years. Calculate

A man invests Rs. 5,600 at 14% per annum compound interest for 2 years. Calculate :

(i) the interest for the first year.

(ii) the amount at the end of the first year.

(iii) the interest for the second year, correct to the nearest rupee.

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