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Question

A man invests Rs. 9,600 at 10% per annum compound interest for 3 years. Calculate the amount at the end of the first year.

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Solution

Simple Interest I=PNR100
Here for first year,
P= Rs. 9,600
N=1 year
R=10%
So, Interest at the end of 1st year I=9,600×1×10100= Rs. 960
Amount =P+I= Rs. 9,600+ Rs. 960= Rs. 10,560
Therefore, the amount at the end of the first year is Rs. 10,560.

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