Compound Interest Practice Test 6

Question : 7 of 9

Marks: +1, -0

If the first year’s interest on a certain sum of money placed at 5% p.a. compound interest is Rs. 1200, what will be the interest for the third year?

Solution:

Required interest

=1200(1+5/100)^2

=1200×21/20×21/20=1323

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