Answer:

INTEREST for third year is RS 10810.944

Solution:

Given that,

Principal for the first year = Rs 93750

Rate of interest = 9.6 %

NUMBER of years = 3

Find Interest for the first year:

Interest = \frac{93750 \times 9.6 \times 1}{100} = 9000Interest=

100

93750×9.6×1

=9000

AMOUNT at the end of the first year = 9000 + 93750 = 102750

Therefore,

Principal for the second year = Rs 102750

Find Interest for the second year:

Interest = \frac{102750 \times 9.6 \times 1}{100} = 9864Interest=

100

102750×9.6×1

=9864

Amount at the end of the second year = 102750 + 9864 = Rs 112614

Principal for the third year = Rs 112614

Find Interest for the third year

Interest\ for\ third\ year = \frac{112614 \times 9.6 \times 1}{100} = 10810.944Interest for third year=

100

112614×9.6×1

=10810.944

Thus interest for third year is Rs 10810.944

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