Question

1. calculate the amount due and compound interest on 15000 in 2 years when the rate of interest on successive years is 8% and 10% respectively

Answer 1

Answer:

Given, Rs 15000 compounded annually, the rate of interest being 5 %, 8% ,10% respectively for 3 successive years.

We have to find amount and compound interest.

Now, we know that,

When Rates are different for different years, say R1 %, R2 %, R3 % for 1st, 2nd and 3rd year respectively.

\text { Amount }=p\left(1+\frac{R_{1}}{100}\right)\left(1+\frac{R_{2}}{100}\right)\left(1+\frac{R_{3}}{100}\right)

Here, p is principal amount = 15000, R1 = 5, R2 = 8, R3 = 10. Substitute values in above formula.

\text { Amount }=15000 \times\left(1+\frac{5}{100}\right) \times\left(1+\frac{8}{100}\right) \times\left(1+\frac{10}{100}\right)

Amount = 15000 x 1.05 x 1.08 x 1.1 = 18711

So, amount is Rs.18711.

Now, compound interest = amount – principal amount = 18711 – 15000 = 3711

Hence, amount is Rs.18711 and compound interest is Rs. 3711

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