Ramesh invests Rs. 12,800 for three years at the rate of 10% per annum compound interest. Find:
(i) the sum due to Ramesh at the end of the first year.
(ii) the interest he earns for the second year.
(iii) the total amount due to him at the end of the third year.
For 1st year
P=Rs12,800; R=10% and T= 1year
Interest= Rs= Rs1,280
Amount= Rs12,800+ Rs1,280= Rs14,080
For 2nd year
P=Rs14,080; R=10% and T= 1 year
Interest= Rs= Rs1,408
Amount= Rs14,080+ Rs1,408= Rs15,488
For 3rd year
P=Rs15,488; R=10% and T= 1year
Interest= Rs= Rs1,548.80
Amount= Rs15,488+ Rs1,548.80= Rs17,036.80