7  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.
 

Answers (1)

Given,

Principal amount, P = Rs 8,000

Compound rate of interest, R = 5% p.a.

Time period, n = 2 years

We know, Amount when interest is compounded annually, A =

                        A =P(1+\frac{R}{100})^n

                       A =8000(1+\frac{5}{100})^2= Rs.\: 8,820                   

Therefore, the amount credited against her name at the end of the second year is Rs 8,820
 

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