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Aakanksha invested rs93750 at an interest rate of 9.6 per annum for 3 year if the interest compound annuly than find the amount obtain at the end of second year
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Aakanksha invested rs93750 at an interest rate of 9.6 per annum for 3 ...
Investment Details:
Aakanksha invested Rs93750 at an interest rate of 9.6% per annum for 3 years. The interest is compounded annually.
Calculation of Interest:
To calculate the amount obtained at the end of the second year, we need to calculate the interest earned for the first two years and add it to the principal amount.
Principal amount: Rs93750
Rate of interest: 9.6%
Time: 2 years
We can use the formula for compound interest to calculate the interest earned:
A = P(1 + r/n)^(nt)
Where:
A = Amount after time t
P = Principal amount
r = Annual interest rate
n = Number of times interest is compounded per year
t = Time in years
In this case, the interest is compounded annually, so n = 1.
Calculation:
P = Rs93750
r = 9.6% = 0.096
t = 2 years
n = 1
A = 93750(1 + 0.096/1)^(1*2)
A = 93750(1.096)^2
A = 93750(1.196032)
A ≈ Rs111,853.20
Therefore, the amount obtained at the end of the second year is approximately Rs111,853.20.
Summary:
Aakanksha invested Rs93750 at an interest rate of 9.6% per annum for 3 years, with the interest being compounded annually. At the end of the second year, the amount obtained is approximately Rs111,853.20. This calculation was done using the compound interest formula, taking into account the principal amount, interest rate, time, and the fact that the interest is compounded annually.
Community Answer
Aakanksha invested rs93750 at an interest rate of 9.6 per annum for 3 ...
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Aakanksha invested rs93750 at an interest rate of 9.6 per annum for 3 year if the interest compound annuly than find the amount obtain at the end of second year
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Aakanksha invested rs93750 at an interest rate of 9.6 per annum for 3 year if the interest compound annuly than find the amount obtain at the end of second year for Class 8 2024 is part of Class 8 preparation. The Question and answers have been prepared according to the Class 8 exam syllabus. Information about Aakanksha invested rs93750 at an interest rate of 9.6 per annum for 3 year if the interest compound annuly than find the amount obtain at the end of second year covers all topics & solutions for Class 8 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Aakanksha invested rs93750 at an interest rate of 9.6 per annum for 3 year if the interest compound annuly than find the amount obtain at the end of second year.
Aakanksha invested rs93750 at an interest rate of 9.6 per annum for 3 year if the interest compound annuly than find the amount obtain at the end of second year for Class 8 2024 is part of Class 8 preparation. The Question and answers have been prepared according to the Class 8 exam syllabus. Information about Aakanksha invested rs93750 at an interest rate of 9.6 per annum for 3 year if the interest compound annuly than find the amount obtain at the end of second year covers all topics & solutions for Class 8 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Aakanksha invested rs93750 at an interest rate of 9.6 per annum for 3 year if the interest compound annuly than find the amount obtain at the end of second year.
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