Question

2. Find the amount and the compound interest on 2500 for 2 year, compounded annually, the rate
of interest being 6% during the first year and 8% during the second year​

Answer 1

Answer:

Step-by-step explanation:

principal = 2500

time  = 2 years

rate for first year =  6%

a  = p(1+r)^t

     = 2500* (1 + 6/100) ^t * ( 1+ 8/100 )^t   ( because we have two different     rates )  

     = 2500 * 106/100 * 108/100

     =  2862

 c.i = a - p

     =  2862 - 2500

     = 362

hence the c.i is rupees 362 and the amount is rupees 2862