Question

A man invests Rs. $9,600$ at $10\%$ interest per annum for $3$ years. The interest for the second year is

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. $960$

And for second year,
$P=$ Rs. $9,600+$ Rs. $960=$ Rs. $10,560$
$N=1$ year
$R=10\%$
$I=\frac{10,560\times 1\times 10}{100}=$ Rs. $1,056$

So, interest for the second year is Rs. $1,056$.