8. Meenal lends 75,000 at C.I. for 3 years. If
the rate of interest for the first two years is
15% per year and for the third year it is 16%,
calculate the sum Meenal will get at the end
of the third
year.
Answers
P= 75000
T= 3yrs
R1 = 15%
R2 = 16%
A = P(1+R1/100)^2 × (1+R2/100)
= 75000(1+15/100)^2 × (1+16/100)
= 75000(23/20)*(23/20)*(29/25)
= 15*23*23*29/2
= 115057.5
Step-by-step explanation:
Cost = 75000
Rate = 15% for 2 years and 16% for 3rd year
Time = 3 years compounded annually.
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Amount = P (1 + R ÷ 100)² (2 = Time compounded annually)
Amount after 2 years =
75000 (1 + 15 ÷ 100)²
75000 (115 ÷ 100)²
75000 × 115 ÷ 100 × 115 ÷ 100
99187.5
Principal after 2 years = 99187.5
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Principal after 3rd year =
S.I = P × T × R ÷ 100
S.I = 991875 ÷ 10 × 1 × 16 ÷ 100
S.I = 15870
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Principal + Simple Interest = Amount
99187.5 + 15870 = 115057.5
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The sum Meena will get at the end of third year = 115057.5
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