Question

11. Find the amount and compound interest on 3,500 for 3 years if the rate of interest for the first,
second and third years are 4%,5% and 6%, respectively.​

Answer 1

Answer:

Amount = 5,323.06 Rs. , Compound Interest (C.I) = 1,823.06 Rs.

Step-by-step explanation:-

Principal (P)   = 3,500 Rs.

Rate        (R)   = First year + Second year + Third year = 4% + 5% + 6% = 15%

Time        (n)   = 3 years

Amount          = P(1/1 + R/100)

                       = 3,500(1/1 + 15/100)³

                       = 3,500(1 × 100/1 × 100 + 15/100)³

                       = 3,500(100/100 + 15/100)³

                       = 3,500(115/100)³

                       = 3,500 × 115/100 × 115/100 × 115/100

                       = 3,500 × 1,520,875/1,000,000

                       = 5,323,062,500/1,000,000

                       = 5,323.06 Rs.

Compound Interest (C.I) = Amount - Principal

                                          = 5,323.06 - 3,500

                                          = 1,823.06 Rs.

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Answer 2

Amount= 5,323.06

C.I.= 1,823.06

Hope this will help you