Question

Calculate the compound interest for the second year on Rs. 8,000/- invested for 3 years at 10% per annum.

Solution

For 1st year P = Rs. 8000 R = 10% T = 1 year A = 8000 + 800 = Rs. 8800 For 2nd year P = Rs. 8800 R = 10% T = 1 year Compound interest for 2nd years = Rs. 880

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