Get 2 FREE Instant-Explanations on Filo with code FILOAPP

Maria invested Rs 8,000 in a business. She would be paid inter

Question

Maria invested $R s 8, 000$ in a business. She would be paid interest at $5%$ per annum compounded annually. Find
(i) The amount credited against her name at the end of the second year.
(ii) The interest for the $3$ rd year.

Views: 802 students

Found 7 tutors discussing this question

Luna Discussed

Maria invested

R s 8, 000

in a business. She would be paid interest at

5%

per annum compounded annually. Find
(i) The amount credited against her name at the end of the second year.
(ii) The interest for the

3

rd year.

10 mins ago

Discuss this question LIVE

10 mins ago

Text solutionVerified

A = P (1 + \frac{r}{100})^{n} = 8000 (1 + \frac{5}{100})^{(2)} = 8000 (1.1025) = 8820

Amount at the end of

2

years

= R s .8, 820

ii)

A = p (1 + \frac{r}{100})^{n} = 8000 (1 + \frac{5}{100})^{(3)} = 8000 (1.157625) = 9261

Amount at the end of

3

years

= R s .9261

So, the interest for

3^{r d}

year

= R s .9261 - 8820 = R s .441

Was this solution helpful?

150

Report

One destination to cover all your homework and assignment needs

Learn Practice Revision Succeed

Instant 1:1 help, 24x7

60, 000+ Expert tutors

Textbook solutions

Big idea maths, McGraw-Hill Education etc

Essay review

Get expert feedback on your essay

Schedule classes

High dosage tutoring from Dedicated 3 experts

Trusted by 4 million+ students

Stuck on the question or explanation?

Connect with our math tutors online and get step by step solution of this question.

231 students are taking LIVE classes

Question Text	Maria invested $R s 8, 000$ in a business. She would be paid interest at $5%$ per annum compounded annually. Find (i) The amount credited against her name at the end of the second year. (ii) The interest for the $3$ rd year.
Answer Type	Text solution:1
Upvotes	150