ICSE Class 9 Answered
A man invests 46875 at 4% per annum compound interest for 3 years. Calculate:
(i) The interest of the year
(ii) the amount standing to his credit at the end of the second year.
(iii) the interest for the third year.
Asked by sahaanukalp | 06 Mar, 2024, 08:25: AM
Expert Answer
(i) For 1st year,
P = Rs. 46875, R = 4% and T = 1 year
(ii) For 2nd year,
P = Rs. (46875 + 1875) = Rs. 48750, R = 4% and T = 1 year
Therefore, amount standing to his credit at the end of the second year = Rs. (48750 + 1950) = Rs. 50700
(iii) For 3rd year,
P = Rs. 50700, R = 4% and T = 1 year
Answered by Rashmi Khot | 06 Mar, 2024, 10:49: AM
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