Question

5. Find the amount and the compound interest on 24500 for 3 years, compounded annually, rate of interest
being 5%, 8% and 10% per annum for the first, second and third year respectively.​

Answer 1

Answer:

Answer

The amount at the end of the first year

A1=P(1+100R)

=18.750(1+1008)

=18.750⋅2527

=750×27

=Rs. 20,250

Interest I1=A1−P

First year =(20,250−16,750)

=Rs. 1,500

Amount for second year

A2=P(1+100R1)(1+100R2)

=18,750(1+1008)(1+10010)

=18,750⋅2527⋅1011

=Rs. 22,275.

Interest for third year =A3−A2

=24,948−22,275

=Rs. 2,673.

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