Question

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

Answer 1

Simple Interest $I=\frac{PNR}{100}$
Here for first year,
$P=$ Rs. $\mathrm{9,600}$
$N=1$ year
$R=10\%$
So, Interest at the end of $1^{st}$ year $I=\frac{9,600\times 1\times 10}{100}=$ 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. $10,560$.