Answer:

(i) ₹1875

(ii) ₹50700

(iii) ₹2028

Explanation:

(i) Given - Principal = ₹ 46,875

Rate = 4%

Time = 1 year

Formula we will use here :

I = PRT/100

I = 46875x4x1/100 = ₹1875

(ii) Now for the 2nd year we will solve it like this : Principal + Interest

&

I = PRT/100

So, ₹46,875 + ₹1875

= ₹48750

I = 48750x4x1/100

= ₹1950

2nd year amount = ₹48750+₹1950

= ₹50700

(iii) I = PRT/100

I = 50700x4x1/100

I = 507x4 = ₹2028

Verified answer

Question:

Aman invests 46,875 at 4% per annum compound interest for 3 years. Calculate:

(1) The interest for the 1st year /

(2) The amount standing to his credit at the of the 2nd year ?

(3) The interest for the 3rd year ?

Answer:

▶️ The interest for the 1st year = ₹ 1,875

▶️ The amount standing to his credit at the of the 2nd year = ₹ 48,750

▶️ The interest for third year is ₹ 2,028

Explanation:

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✡️Given

Principle = 46,875

Rate of interest = 4%

Time = 3 yrs

Lets do it

• The interest for the 1st year

We know that, CI = p(1+I)ⁿ-1

CI = 46,875(1+0.04)³-1

⟹ 46,875(1.04)¹-1

⟹ 46,875 × 0.04

⟹ ₹ 1,875

The interest for the 1st year = ₹ 1,875

• The amount standing to his credit at the of the 2nd year

⟹ Principle + Interest for first year

⟹ 46,875 + 1,875 = ₹ 48,750

• Interest foe the second year

⟹ We know that, CI = p(1+I)ⁿ-1

⟹ 48,750(1+0.04)¹-1

⟹ 48,750(1.04)-1

⟹ 48,750 × 0.04

⟹ ₹ 1,950

Amount = 48,750 + 1,950 = ₹ 50,700

• Interest for the third year

⟹ We know that, CI = p(1+I)ⁿ-1

⟹ 50,700(1+0.04)¹-1

⟹ 50,700(1.04)-1

⟹ 50,700 × 0.04

⟹ ₹ 2,028

The interest for third year is ₹ 2,028

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