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year is { 1,001,197.90. Calculate the rate Ullthe sum of money.8.000 for 3 years at a certain5. Mohit investsrate of interest, compounded annually. Atend of one year it amounts to * 9,440.Calculate :(i) the rate of interest per annum.(ii) the amount at the end of the second year.(iii) the interest accrued in the third year.10 months at a |
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Answer» Rate of interest= [(amount after one year-initial amount)/initial amount] x 100=(9440-8000)/8000] x 100=18% Now, by using the formula of compound interestA = P (1 + r/n)^(nt)where A: amount after n yearsP: principleamountr/n: rate per n yearn: time period in years The amountat the end of the second year= 8000(1+0.18)^2=11139.2=11140 (approximately) Brilliant job which sign you had put before 2 at the last |
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