compound interest for the third year is 1000 on acertain sum at the rate of 10%. what is thecompound interest for the 7th year? About the author Eliza

Step-by-step explanation: P= Rs. 1000, R=10%, p.a. T=3 years Interest for the 1st year = 100 P×R×T = 100 1000×1×10 =Rs.100 Amount after the 1st year = Principal for the 2nd year =1000+100=Rs.1100 Interest after 2nd year = 100 1100×1×10 =Rs.110 Amount after the 2nd year =Principal ( for the 3rd year) =1100+110=Rs.1210 Interest for the 3rd year = 100 1210×1×10 =Rs.121 Amount after the 3rd year =1210+121=Rs.1331 Compound interest for three years =Amount (after 3 years) – (initial)Principal =Rs.1331−Rs.1000=Rs.331 Reply

Step-by-step explanation:P= Rs. 1000,

R=10%, p.a.

T=3 years

Interest for the 1st year

=

100

P×R×T

=

100

1000×1×10

=Rs.100

Amount after the 1st year = Principal for the 2nd year =1000+100=Rs.1100

Interest after 2nd year =

100

1100×1×10

=Rs.110

Amount after the 2nd year =Principal ( for the 3rd year) =1100+110=Rs.1210

Interest for the 3rd year =

100

1210×1×10

=Rs.121

Amount after the 3rd year =1210+121=Rs.1331

Compound interest for three years =Amount (after 3 years) – (initial)Principal

=Rs.1331−Rs.1000=Rs.331