Question

7. What sum of money at compound interest will amount to 4499.04 in 3 years, if the rate of
interest is 3% for the first year, 4% for the second year and 5% for the third year?​

Answer:--

​

Answer 1

Answer:

Given : Principal value P=5,000 Rs., n=3,R1=8,R2=10,R3=12

Amount(A)=P(1+100R1)(1+100R2)(1+100R3)

                     =5000(1+1008)(1+10010)(1+10012)

                     =6652.8

C.I.=A−P=6652.8−5000=1652.8=1653

Hence, the correct answer is Rs. 1,653