Question
Rakesh invests $Rs.25600$ at $5\%$ per annum compound interest payable annually for $3$ years. Find the amount standing to his credit at the end of the second year.
✓
Answer
For $1^{st}$ year: $P=R s .25600, R=5 \%$ and $T=1$ year
$\therefore$ Interest $= Rs. \frac{25600 \times 5 \times 1}{100}$
$= Rs. 1280$
And, amount
$= Rs. 25600+R s .1280$
$= Rs. 26880$
For $2^{nd}$ year: $P=R s .26880, R=5 \%$ and $T=1$ year
$\therefore$ Interest $=\text { Rs. } \frac{26880 \times 5 \times 1}{00} $
$=\text { Rs. } 1344$
And, amount
$=\text { Rs. } 26880+\text { Rs. } 1344 $
$=\text { Rs. } 28224$
$\therefore$ Amount at the end of $2^{nd}$ year is $Rs. 28224 .$
$\therefore$ Interest $= Rs. \frac{25600 \times 5 \times 1}{100}$
$= Rs. 1280$
And, amount
$= Rs. 25600+R s .1280$
$= Rs. 26880$
For $2^{nd}$ year: $P=R s .26880, R=5 \%$ and $T=1$ year
$\therefore$ Interest $=\text { Rs. } \frac{26880 \times 5 \times 1}{00} $
$=\text { Rs. } 1344$
And, amount
$=\text { Rs. } 26880+\text { Rs. } 1344 $
$=\text { Rs. } 28224$
$\therefore$ Amount at the end of $2^{nd}$ year is $Rs. 28224 .$
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