]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.

Answers (1)

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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