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A man invests Rs 12,000 for 2 years at compound interest. After one year his money amounts to Rs 12,750.Find (i) the rate of compound interest. (ii) interest for the second year to the nearest paise and (iii) amount after2 years |
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Answer» It is given that Principal = 1200 After one year, the amount = 1275 So the INTEREST for one year = 1275−1200=75 We know that RATE of interest =(SI×100)/(P×t) Substituting the values =(75×100)/(1200×1) By further calculation =75/12 = 25/4 = 6 4 1
% p.a. Here Interest for the SECOND year on 1275 at the rate of 25/4% = Prt/100 Substituting the values =(1275×25×1)/(100×4) By further calculation = 1275/16 = 79.70 =80 |
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