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Maria invested Rs 8,000 in a business. She would be paid interest at 5% per annum compounded annually. Find The interest for the 3rd year.

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

          (ii) The interest for the 3rd year.

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Now, The amount after 2nd year will become the principal amount for the 3rd year

\therefore Principal amount, P = Rs 8,820

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

Time period, n' = 1 year

 \therefore Interest \:for\: the \:3rd \:year =\frac{8820\times1\times5}{100} = Rs.\ 441

Therefore, the interest for the 3rd year is Rs 441.

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