mesh invests $12.800 for three years at the rate of 10% per annum compound interest. Find: (1)The sum due to Ramesh at the end of the first year (n) The interest he earns for the second year. The total amount due to him at the end of the third

Asked by krishnasangam2008 | 12th Apr, 2022, 05:24: PM

Expert Answer:

(i)
Interest for the first year = (12800 x 10 x 1)/100 = Rs. 1280
Sum due at the end of first year = 12800 + 1280 = Rs. 14080
 
(ii)
Principal for 2nd year = Rs. 14080
Interest for 2nd year = (14080 x 10 x 1)/100 = Rs. 1408
 
(iii)
Sum due at the end of second year = 14080 + 1408 = Rs. 15488
Principal for third year = Rs. 15488 
Interest for third year = (15488 x 10 x 1)/100 = Rs. 1548.8
So, the total amount due at the end of third year = 15488 + 1548.8 = Rs. 17036.8

Answered by Renu Varma | 13th Apr, 2022, 10:54: AM