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Easy

Question

# Ramesh invests Rs12800 for three years at the rate of 10% per annum compound interest. Find (i) The sum due to Ramesh at the end of the 1^{st} year

Hint:

### Use the formula of simple interest to get the interest amount and then add it with the principal amount.

## The correct answer is: 14080 RUPEES

### Complete step by step solution:

Let the principal amount P = 12800 Rupees

Here we have R = 10% , T = 1 year P = 12800, Rs and SI = ?

(for 1st year, both simple interest and compound interest are the same)

We calculate simple interest at the end of 1st year by the formula,…(i)

where P is Principal amount, T is number of years and R is rate of interest

On substituting the known values in (i), we have

SI = 1280 Rupees

So interest for first year = Rs 1280

Hence the sum of money at the end of first year = 12800 + 1280 = 14080 Rupees

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