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Maria invested Rs 8,000 in a business. She would be paid interest at 5% per annum compounded annually.

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Maria invested Rs 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 3rd year.

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1 Answer

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Best answer

(i)

compound interest 8

Interest after 2 years = 8820-8000=820

(ii) The interest for the 3rd year.

Solution: Interest for the 3rd year = 8820 x 5%=441

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