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Plus Two Accountancy Chapter 3 Use of Spread Sheet in Business Application Question and Answers
Plus Two Accountancy Chapter 3 Use of Spread Sheet in Business Application question and answers consists of questions asked in the previous exams along with the solutions for each question. To help them get a grasp of chapters, frequent practice is vital. Practising these questions and answers regularly will help the reading and writing skills of students. Moreover, they will get an idea on how to answer the questions during examinations. So, let them solve Plus Two Accountancy Chapter 3 Use of Spread Sheet in Business Application questions and answers to help them secure good marks in class tests and exams.
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2021 
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12 
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Accountancy 
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Accountancy Chapter 3 Use of Spread Sheet in Business Application 
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Plus Two Accountancy Chapter 3 Use of Spread Sheet in Business Application Question and Answers PDF Download
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Question 1.
Which of the following options in a financial function indicates the interest for a period?
(a) FV
(b) PV
(c) N per
(d) Rate
Answer:
(b) PV
Question 2.
Which of the following arguments in a financial function represents the total number of payments?
(a) FV
(b) PV
(c) N Per
(d) Rate
Answer:
(c) NPer
Question 3.
What Category of functions is used in this formula: = PMT(C 10/12, C8, C9, 1)
(a) Logical
(b) Financial
(c) Payment
(d) Statistical
Answer:
(b) Financial
Question 4.
LibreOffice Calc is a program
(a) Word Processor
(b) Browser
(c) Spread Sheet
(d) Calculator
Answer:
(c) Spread Sheet
Question 5.
……………… is the statement prepared to show detailed salary calculation
(a) Employee Job Card
(b) Payroll
(c) Loan Repayment Schedule
(d) Worksheet Payroll
Answer:
(b) payroll
Question 6.
………………… calculates the monthly installment of loan amount
(a) Loan Repayment Schedule
(b) Loan analysis sheet
(c) Loan card
(d) Payroll statement
Answer:
(a) Loan Repayment schedule
Question 7.
Depreciation is provided on
(a) Current Assets
(b) Fixed Assets
(c) Current Liabilities
(d) Long term Liabilities
Answer:
(b) Fixqd Assets
Question 8.
Depreciation =
Answer:
\(\frac{\text { cost of the asset Scrap Value }}{\text { Life of the asset }}\)
Question 9.
……………………. is the gradual & permanent diminution in the value of assets due to wear and tear, use or abuse or efflux of time.
Answer:
Depreciation
Question 10.
Under …………… method of depreciation, the asset account will be reduced to zero.
(a) Fixed Instalment method
(b) Reducing installment
(c) Depreciation Fund Method
(d) Revaluation method
Answer:
(a) Fixed Instalment Method
Question 11.
Decrease in the value of fixed assets is called ……………..
Answer:
Depreciation
Question 12.
If the cost of asset is 10000, Scrap value at the end of 10 years will be 2000, what will be the amount of annual depreciation?
Answer:
Depreciation = \(\frac{100002000}{10}\) i.e., 800
Question 13.
Depreciation = (Acquisition cost – ………………. ) ÷ Life time
(a) Salvage value
(b) Carriage expenses
(c) Sales price
(d) Installation charges
Answer:
(a) Salvage value
Question 14.
The ……… of an asset is the value, which is realisable at the end of its useful life
(a) Depreciation
(b) Scrap value
(c) Written down value
(d) Acquisition cost
Answer:
(b) Scrap value
Question 15.
Odd one out
(a) Basic Pay
(b) Grade Pay
(c) House Rent Allowance
(d) Provident Fund
Answer:
(d) Provident Fund (It is a deduction)
Question 16.
_________ is a statutory deduction deducted monthly towards income tax liability of an employee
Answer:
Tax Deducted at Source (TDS)
Question 17.
Gross Salary – Total Deduction = ______
Answer:
Net Salary
Question 18.
In PMT function, Type is, whether payment is made at the beginning of the month, the value = ……(a)…… or at the end of the month, the value = …….(b)……
Answer:
(a) 1
(b) 0
Question 19.
Rate of Depreciation under straight line Method = ………
Answer:
\(\frac{\text { Amount of Depreciation (Yearty Depreciation) }}{\text { Total Depreciable Amount (Cost) }} \times 100\)
Question 20.
The function PMT is used to prepare …………….
(a) Pay Roll statement
(b) Depreciation statement
(c) Loan repayment statement
(d) Interest on Investment statement
Answer:
(c) Loan repayment statement
Question 21.
Match the following
A  B 
(1) SLN  (a) Written down value method of depreciation 
(2) DB  (b) Monthly salary statement 
(3) Salvage value  (c) Fixed Instalment method of depreciation 
(4) Payroll  (d) Acquisition Cost – Total Depreciation 
Answer:
1 → c; 2 → a; 3 → d; 4 → b
Question 22.
Which among the following is not a component of PayRoll statement
(a) Professional Tax
(b) Present Value
(c) HRA
(d) Dearness Allowance
Answer:
(b) Present Value
Plus Two Accountancy Use of Spread Sheet in Business Two Mark Questions and Answers
Question 1.
What are the different methods for calculating depreciation on fixed Assets?
Answer:
Methods of calculation of depreciation
 Straight Line Method (SLM)
 Written Down Value Method (WDV)
Question 2.
What commands are used to
 Insert a column and
 Delete a column in Libre Office Calc
Answer:
 Insert a column
 Delete a column
Question 3.
Develop the command to calculate the Group Insurance Premium and Tax Deducted at source (TDS) by using the ‘IF’ function.
 Rate of GI Rs. 200/. for BP below Rs. 10,000/ and for others Rs. 300/ assuming that BP of employee is given in cell F2
 TDS 10% of Gross Pay for employees having Gross Pay below Rs, 25000/ and for others 20%, assuming that the gross pay of the employee is given in cell F2.
Answer:
 = IF (B2 < 10000,200,300)
 = IF (F2 < 25000, F2*10%, F2*20%)
Question 4.
Name the two basic method of depreciation functions used in LibreOffice Calc
Answer:
 SLN
 D8
Question 5.
Why is FV taken as Zero (0) in the PMT calculation?
Answer:
At the end of the loan period, the balance amount payable will be zero assuming that the repayments are made on regular basis. Therefore the future value FV is taken as zero.
Question 6.
Write the command to calculate the State Life Insurance (SLI) Premium of an Employee using the ‘IF’ function.
The condition is: SLI Premium Rs. 250 for basic pay below Rs. 10,000/ for others Rs.500/ (Hint: Basic pay (BP) is given the cell B3)
Answer:
IF (B3 < 10000, 250, 500)
Plus Two Accountancy Use of Spread Sheet in Business Three Mark Questions and Answers
Question 1.
Give some examples for PayRoll components.
Answer:
 Basic Pay
 Dearness Allowance
 House Rent Allowance
 Provident Fund
 Professional Tax
 ESI
Question 2.
Basic Pay, Dearness Allowance, House Rent allowance, Professional Tax, Provident fund contribution are given to prepare the PayRoll statement. Give the equation to calculate Net Salary.
 Gross salary = Basic Pay + Dearness Allowance + House Rent Allowance
 Total Deduction = Professional Tax + Provident fund contribution
 Net Salary = Gross Salary – Total Deduction
Answer:
Net Salary Calculation:
Step 1 – Calculate Gross salary by using the given formula.
Gross salary /Gross Pay = Basic Pay + Grade Pay + Dearness Pay+ Dearness Allowance + House Rent Allowance + Any other Earnings.
Step 2 – Calculate Total Deduction by using the following formula.
Total Deduction = Professional Tax+ Provident Fund + Tax deducted at source + Loan Recovery + Any other deductions
Step 3 Calculate net salary by the given formula.
Net Salary = Gross salary – Total Deduction
Question 3.
What is the difference between WDV method and SLN method of depreciation?
Answer:
Written Down Value Method (WDV):
This method is also known as Diminishing balance method or Reducing balance method. Under this method, a fixed percentage is written off every year on the book value of the asset at the beginning of the year.
Here the amount of depreciation goes on decreasing and therefore, the book value of asset will not become zero after its working life.
Amount of depreciation = Written Down Value of asset x Rate of depreciation
Straight Line Method:
Under this method a fixed amount is deducted from the value of an asset year after year on account of depreciation and debited to profit and loss account. This method is also called Fixed Instalment method, or Original Cost method. Under this method value of asset will be reduced to zero.
Depreciation = \(\frac{\text { cost of the assetScrap Value }}{\text { Life of the asset }}\)
Question 4.
List down the Parameters of the function PMT
Answer:
LOAN REPAYMENT SCHEDULE:
Loan is a sum of borrowed money for a specified period at a prespecified rate of interest. The loan is repaid through a number of periodic repayment instalments over the loan repayment period. LibreOffice Calc function PMT is used to calculate the loan repayment schedule. The parameters of the function PMT are as follows.
Parameter – Explanation
 Rate – Interest rate
 Nper – Total Number of payments for the loan
 PV – Present value(Loan amount)
 FV – Future value, which is taken a zero, is the balance at the end of the loan period
 Type – Whether payment is made at the beginning (value = 1) or at the end (value = 0) of the period.
Question 5.
Classify the assets under computerised asset accounting.
Answer:
Assets are classified into the following categories:
 Goodwill
 Land: Freehold and leasehold
 Building: Factory, office & residential building
 Plant & Machinery
 Furniture and fixtures
 Vehicles
 Work in progress (Capital)
 Other assets
Question 6.
List out common Payroll components regarding salary computation and its payment.
Answer:
Earnings:
 Basic pay
 DearnessAllowances
 House Rent Allowances
 Transport Allowances
 Other allowances.
Deductions:
 Provident Fund
 Professional Tax
 Tax deducted at source
 E.S.I. Premium
Question 7.
What are the common accounting applications done with the help of Libre Office Calc?
Answer:
 Payroll Accounting
 Asset Management
 Loan Repayment Schedule
Question 8.
Write the formula in Libre Office Calc to find the Professional Tax in cell B2 where annual income is given in cell A2. Profession Tax is 5% for income in between Rs. 100000 and Rs.200000 and 8% for income more than Rs. 2,00,000. No tax for income below Rs. 1,00,000.
Answer:
= IF(B2 > 200000, B2*8%, IF(B2>100000, B2*5%,))
Plus Two Accountancy Use of Spread Sheet in Business Four Mark Questions and Answers
Question 1.
Write command to calculate state life Insurance Premium (SLI) of employee using the ‘IF’ function.
Condition
Premium Rs. 350/ below Basic Pay of Rs. 25000 and for others Rs. 450/ (BP is given in cell A3)
Answer:
= IF(A3 < 25000, 350, 450)
Question 2.
Briefly explain the procedure of preparation of salary bill and disbursement of cash.
Answer:
Preparation of Salary Bill:
The preparation of salary bill should provide for the following:
1. Maintaining payroll related data such as Employee No., Name, attendance, Basic Pay, DA, and other allowances, deductions to be made etc.
2. Periodic Payroll Computations:
It includes the calculation of various earnings and deductions.
3. Preparation of salary statement and employee’s salary slip.
4. Generation of advice to bank:
It contains the net salary to be transferred to individual bank account of employees and other salary related statutory payments such as provident fund, tax, etc.
Question 3.
The column headings of payroll to be prepared through Libre Office Calc is given below.
 Write the formula to calculate DA, HRA, Gross pay, TDS and Net pay of Jexin Jose the first employee, in the second row of the worksheet.
 Give the command to fill the calculation automatically for the remaining ‘10’ employees in the firm.
Answer:
1. DA → C2 =B2 * 20%
HRA → D2 = B2 * 5%
GP → E2 = B2 + C2+ D2
TDS → F2 = E2 * 10%
NP → G2 = E2 – F2
2. Fill the calculation for the remaining ‘10’ employees in the firm.
Question 4.
Distinguish between straight line method and diminishing balance method of depreciation
Answer:
Straight line Method  Diminishing balance Method 
1. A Fixed amount is deducted from the value of an asset.  1. The amount of depreciation goes on reducing year after year. 
2. Depreciation is computed on the original cost of the asset.  2. Depreciation is calculated on the written down value of the asset. 
3. The value of the asset is reduced to zero at the end of effective working life.  3. The value of the asset will not become zero after its effective working life. 
4. The method is also known as Fixed Instalment method or original cost method.  4. This method is also known as reducing balance method or written down value method. 
Question 5.
Mr. Jyothis, a Plus two commerce student, entered the following details in a worksheet of LibreOffice Calc.
Write the command to calculate Net Salary
Answer:
Fill down the calculation to remaining 4 employees
Question 6.
Develop the commands to calculate the group insurance premium (Gl) and Tax Deducted at source (TDS) by using the ‘IF’ function.
 Rate of GI Rs. 200/ for BP below Rs: 8000/ and for others Rs. 300/, assuming that BP of employee is given in B2.
 TDS 10% of Gross pay, for employees having Gross pay below Rs. 15,000/ and for others, 20%, assuming that the gross pay of the employee is given in F2.
Answer:
 IF (B2 < 8000, 200, 300)
 IF (F2 < 15000, F2*10%, F2*20%)
Plus Two Accountancy Use of Spread Sheet in Business Five Mark Questions and Answers
Question 1.
How the assets are classified in computerised Asset Accounting? What are the different methods of calculating depreciation on such assets?
Answer:
In computerised Asset Accounting, Assets are classified into the following categories.
 Goodwill
 Land (Normally, depreciation is not provided on freehold land)
 Building
 Plant and Machinery
 Furniture and Fixtures
 Vehicles
 Work in progress (Capital)
 Others
The different methods of calculating depreciation are:
 Straight Line Method (SLM)
 Written Down Value Method (WDV)
Question 2.
Which built in function of LibreOffice Calc can be used to compute monthly instalments of repayment of loan? Give the parameters of this function.
Answer:
PMT function can be used to prepare Loan Repayment Schedule in LibreOffice Calc.
The parameters of PMT function are:
Parameter – Explanation
 Rate – Interest on Loan
 Nper – Number of payments for the loan
 PV – Present value; (ie the loan amount)
 FV – Future value, which is taken a zero
 Type – If the payment is made at the beginning of the month, the value = 1 or at the end of the month, the value = 0
Question 3.
From the following particulars prepare a payroll of employees of a firm by using LibreOffice Calc
 DA – 40% of basic pay
 HRA – 8% of basic pay
 Contribution to PF – 10% of basic pay.
Answer:
 DA = Basic pay *40%
 HRA = Basic pay *8%
 PF = Basic pay *10%
 Gross Pay = Basic Pay + DA + HRA
 Net Pay = Gross pay – PF
Question 4.
From the following particulars, prepare a payroll of employees of a firm by using LibreOffice Calc.
 DA = 70% of Basic pay
 HRA = 10% of Basic pay
 Contributions to PF at 15% of Basic pay.
Answer:
Step 1 – Enter the following
Cell  Content 
A1  Name of employee 
B1  Basic pay 
C1  DA 
D1  HRA 
E1  GROSS SALARY 
F1  PF 
G1  Net Salary 
Step 2
Cell  Formula 
C2  = B1 * 70% 
D2  = B1 * 10% 
E2  = B2 + C2 + D2 
F2  = B1 * 15% 
G2  = E2 – F2 
Step 3 – Copy this formula to the remaining cells
Plus Two Accountancy Use of Spread Sheet in Business Practical Lab Work Questions and Answers
Question 1.
Prepare a Pay Roll statement of Viswanath Enterprises from the table given below and additional information.
 DA is provided at 90% of Basic Pay
 HRA: Rs. 500 for manager, 400 for accountant and 200 for others.
 PF is deducted @ 20% on Basic + DA
Procedure:
Step 1 – Open a blank worksheet in LibreOffice Calc.
Step 2 – Enter the following text/formula in respective cells
Step 3 – Enter the given details
Cell  Formula 
E2  = D2 * 90% 
F2  = IF(C2 = “Manager”, 500, IF(C2 = “Accountant”, 400, 200)) 
G2  = SUM (D2: F2) 
H2  = SUM(D2: E2) * 20% 
K2  = SUM(H2: J2) 
L2  = G2 – K2 
Step 4 – Copy the formula down up to the last employee.
Output:
Question 2.
Mr. Shibu wants to take a housing loan of Rs. 2,00,000 repayable in 60 equal monthly installments over the next 5 years. Assuming that the installments are paid in the beginning of each month. Find out the amount of monthly installments. Use PMT Function.
Procedure:
Step 1 – Open blank work sheet in LibreOffice Calc.
Applications → Office → Libre Office Calc.
Step 2 – Enter the following data in appropriate cells
Output:
Monthly Installments  4,404.84 
Question 3.
Riya took an industrial loan of Rs. 300000, repayable in 4 years (equal monthly installments). The annual rate of interest is 10%. Assuming that the installments are paid at the end of each month. Find out the amount of monthly installments. Use PMT Function.
Procedure:
Step 1 – Open a blank work sheet in LibreOffice Calc.
Application → Office → Libre Office Calc.
Step 2 – Enter the following data in appropriate cells.
Output:
Monthly Installments  7608.78 
Question 4.
From the following particulars of employees in Anu Traders, prepare the Pay Roll.
Name  Basic pay 
Thomson  8760 
Nilson  9340 
Shibu  10100 
Shijo  7690 
Shyjan  8350 
Rejo  11200 
Additional information:
 DA – 50% of BP
 HRA – 10% of BP
 A monthly subscription to PF – 15% of BP
 Group insurance premium 120 from each employee.
Procedure:
Step 1 – Open a new worksheet in LibreOffice Calc
Step 2 – Enter the following details in the following cells.
Step 3 – Enter the following details in the respective cells
Cell  Formula 
C3  = B3 * 50% 
D3  = B3 * 10% 
E3  = SUM(B3: D3) 
F3  = B3 * 15% 
H3  = F3 + G3 
13  = E3 – H3 
Step 4 – Copy the formula down up to the last employee.
Output:
Name  Net Salary 
Thomson  12582 
Nilson  13423 
Shibu  14525 
Shijo  11030.50 
Shyjan  11987.50 
Rejo  16120 
Question 5.
The salary information of a company named Seasons India Ltd. is given below. Prepare Payroll.
DA – 50% of Basic pay, CCA – 5% of Basic pay, PF 8% of Basic pay.
Procedure:
Step 1 – Open a blank worksheet in LibreOffice Calc
Step 2 – Enter the following details in the following cells.
Step 3 – Enter the following formula in respective cells
Cell  Formula 
C2  = B3 * 50% 
E2  = B3 * 5% 
F2  = SUM(B3: E3) 
G2  = B3 * 8% 
H2  = F3 – G3 
Step 4 – Copy the formula down up to the last employee
Output:
Name of Employee  Net Salary 
Adarsh  12760 
Alwin Paul  12613 
Amal Mohan  12760 
Amarnath  12098.50 
Anurag  14230 
Question 6.
Mr.Anil Kumar a plus two commerce student entered the following details in a worksheet of LibreOffice Calc.
But, he faces some difficulty in completing the task. Can you help him by giving necessary commands or formula for filling the bank columns in the given spread sheet.
Answer:
Give the Following Formula:
Cell  Formula 
C3  = B3 * 15% 
D3  = B3 * 5% 
E3  = B3 * 2% 
F3  = B3 + C3 + D3 + E3 
G3  = B3 * 10% 
H3  = F3 – G3 
Copy these formula to the remaining cell. Edit – Fill – Down or use Drag option.
Output:
Question 7.
Prepare the payroll of Amal Bros, for the month of January 2016.
 DA – 36% of Basic Pay
 HRA – Rs 500
 CCA – 6% of Basic pay
Deduction:
 PF subscription – 8% of BP.
 Group insurance premium Rs. 200 below basic pay Rs. 6000 and for others Rs. 350.
 Tax deducted at source 10% of Gross Pay for employees below gross pay of Rs. 10000 arid for others 20%. Also, find out the total salary payable to employees for the month.
Procedure:
Step 1 – Open a blank work sheet in LibreOffice Calc
Step 2 – Enter the following details in the following cells.
Step 3 – Enter the following formula in the respective cell
Cell  Formula 
C2  = B2 * 36% 
E2  = B2 * 6% 
F2  = SUM(B2: E2) 
G2  = B2 * 8% 
12  = IF(B2 < 6000, 200, 350) 
J2  = IF(F2 < 10000, F2 * 10%, F2 * 20%) 
K2  = SUM(G2: J2) 
L2  = F2 – K2 
Step 4 – Copy the formula down up to the last employee.
Output:
Name of Employee  Net Salary 
Jaizal Grace  7134 
Haizal Rose  7218.80 
Joshwin Zian  6688 
Anlino Zinan  6359.80 
Question 8.
Prepare a pay roll of Jayakumar Associates for the month of June 2016 from the following details
Additional Information’s
 DA – 50% of Basic pay earned
 HRA – Manager – 30%, Accountant – 20%, clerk 10%, no HRA for saleswoman/Salesman and driver.
 Transport allowance – 1500 for saleswoman, 2500 for salesman and 1000 for driver
 PF contribution – 6% of BP for all employees except the driver.
Procedure:
Step 1 – Open a blank worksheet in LibreOffice Calc
Step 2 – Enter the following text/formula in the following way
Step 3 – Enter the given formula in F2
F2 = 30 – E2
Copy the formula down to the last employee
Step 4 – Enter the given formula in G2
G2 = D2*F2 ÷ 30
Copy the formula down to the last employee.
Step 5 – Enter the text for formula in the following cells.
Step 6 – Copy the formula down to the last employee.
Output:
Question 9.
Megha Associates purchased a new Machinery on 1/1/2010 for Rs. 8000 and spent Rs. 2000 for its installation. The expected salvage value is Rs. 2000 at the end of its useful life of 10 years. Calculate the amount of depreciation under straight line method.
Procedure:
Step 1 – Open a new blank worksheet in LibreOffice Calc.
Step 2 – Enter the following details as follows
Output:
Depreciation  1800 
Question 10.
On 1.1.2010, Vahida Enterprises purchased a new machinery for Rs. 150000 and incurred Rs. 10000 for its installation. Preoperative expense amounted to Rs. 5000. The expected salvage value at the end of its useful life of 8 years is Rs. 2000. Calculate depreciation by straight line method by using spread sheet.
Step 1 – Open a new blank worksheet in LibreOffice Calc.
Step 2 – Enter the following details in respective cells.
Output:
Depreciation  20375 
Question 11.
On 1^{st} April 2000, a company purchased a Machinery for Rs. 20,00,000, The installation charge is 50,000, preoperation expenses are 1,50,000 and its salvage value is calculated Rs. 1, 00,000. Life of machinery is estimated to 15 years. Calculate depreciation under straight line method.
Procedure:
Step 1 – Open a new blank worksheet in LibreOffice Calc.
Step 2 – Enter the following data/formula in the following way.
Output:
Depreciation  1,40,000 
Question 12.
From the following details, calculate depreciation under written down value method by using spread sheet.
 Purchase fo Machinery – 1062012
 Cost of the Machinery – 300000
 Machinery installed on – 1562012
 Installation Expenses – 2000
 Pre operating cost – 13000
 Salvage value after 8 years – 18000
 1^{st} year end date – 31/3/2013
Procedure:
Step 1 – Open a new blank worksheet in LibreOffice Calc.
Step 2 – Enter the given data/ formula as follows.
Output:
Depreciation  79012.50 
Question 13.
From the following details, calculate depreciation of machinery under written down value method using spreadsheet.
Name of asset  Machinery 
Date of purchase  1052009 
Date of installation  2052009 
Purchase cost  200000 
Installation cost  30000 
Pre operating cost  20000 
Salvage value  10,000 
Expected life of asset  8 years 
1st year end date  31/3/2010 
Step 1 – Open a new blank worksheet in LibreOffice Calc.
Step 2 – Enter the given data in respective cells.
Output:
Depreciation  75854.17 
Question 14.
From the following details, calculate depreciation underwritten down value Method.
Procedure:
Step 1 – Open a new blank worksheet in LibreOffice Calc.
Step 2 – Enter the following data in the respective cells.
Output:
Depreciation – Filling Machine  2,31,882.75 
Depreciation – Packing Machine  31,205.63 
Question 15.
On 122015, Vikram borrowed Rs. 6,00,000 from Canara bank at 9.6% interest. The period of loan is 36 months. Calculate monthly installment assuming the installments are made at the beginning of each month.
procedure:
Step 1 – Open a new blank worksheet in LibreOffice Calc.
Step 2 – Enter data/formula as follows:
Output:
Monthly Loan installment  54567.32 
Question 16.
Mr. Chandramohan has taken a loan of Rs. 300,000 from a bank at an interest rate of 10% p.a. The loan is to be repaid in 36 monthly installments over the next 3 years. Assuming that the monthly installments are paid at the end of each month. Calculate the amount of interest paid by him in the 2^{nd} year only. Use CUMIPMT Function.
Procedure:
Step 1 – Open a new blank worksheet in LibreOffice Calc.
Step 2 – Enter the following details and formula in different cells as given below.
Output:
Interest for the 2^{nd} year  16491.63 
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