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.
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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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