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Maria invested ₹ 8,000 in a business. She would be paid interest at 5% per annum compounded annually. Find. The interest for the 3rd year.

Maria invested ₹ 8,000 in a business. She would be paid interest at 5% per annum compounded annually. Find. 
The interest for the 3rd year. 

Grade:12

1 Answers

Harshit Singh
askIITians Faculty 5964 Points
6 months ago
Dear Student

P =₹8,000
R = 5% per annum
n = 2 years
The interest for the next one year, i.e. the third year, has to be calculated. By taking₹8,820 as principal, the S.I. for the next year will be calculated.
S.I. = P x R x T
100
=8820×5×1
100
=₹441

Thanks

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