NumericalModerate1.5 marks
4(c)
Mr. Lalit invested Rs. 5000 at a certain rate of interest, compounded annually for two years. At the end of first year it amounts to Rs. 5325. Calculate
The amount at the end of second year, to the nearest rupee
Topic: Recurring deposit / interest
Previous-year question practice database
Answer
Exam answer
So,the amount at the end of the second year is ₹5671.
Explanation
The amount at the end of the first year will be the principal for the second year. P = ₹5325, T = 1 year, R = 6.5% PRT I= 5325×6.5×1 ⇒ I= ⇒ I = 346.125 A =P+I ⇒ A = 5325+346.125 ⇒ A = 5671.125 ⇒ A ₹5671 So,the amount at the end of the second year is ₹5671. SECTION B (40 Marks) Attempt any four questions from this section
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