Question 59

If a sum of ₹ 2000 is lent at 10% p.a. compound interest, what is the interest for the second year?

Solution

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Given, Principal = Rs.2000
Rate of interest = 10%
Amount for 1st year = 110% of Rs.2000 = Rs.2200
Amount for second year = 110% of Rs.2200 = Rs.2420
Therefore, Interest for second year = Rs.2420 - Rs.2200 = Rs.220.

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