A man invests 46875 at 4% per annum compound interest for 3 years
A man invests 46875 at 4% per annum compound interest for 3 years. Calculate:
(i) the interest for the first year.
(ii) the amount standing to his credit at the end of the second year.
(iii)the interest for the third year.
Principal= Rs 46875
Rate of interest = 4%
Therefore, interest for the first year
= Rs 1875
Principal for the second year
Interest for the second year
= Rs 1950
Amount at the end of second year
= Rs 50700
Interest for the third year