Attempt this SI and CI Question for Practice

Question of The Day07-02-2022

A woman invests Rs. 4000 at the start of each year at 5% compound interest per annum. How much will her investment be at the end of the 2^nd year?

Answer

Correct Answer : d ) Rs. 8610

Explanation :

According to question:

Principal amount for 1^st year = Rs. 4000

Rate = 5%

We know that, for 1 year SI = CI

Here, P = Principal amount, r = rate of interest and t = time

⇒ SI₁ = 200

Therefore, Principal amount for 2^nd year = 4000 + 200 + 4000 = ₹ 8200

⇒ SI₂ = 410

Thus, the required amount = 8200 + 410 = ₹ 8610

Hence, (d) is the correct answer.

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