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QUESTION
Q
The principal that yields a compound interest of Rs.420 during the second year at 5% per annum is ?
Solution
Let, the principal amount be = P
Amount after one year compounded at the rate of 5% per annum is
= P(1 + 5/100)1
= P(1.05)1 = 1.05P ——(1)
Amount...
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Solution
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Let,
Principal amount = P
Rate of interest = r
Interest earned in first year be = I1 = pr
Interest earned in second year = I2
I2 = (Interest earned on Principal) +...
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