Question

8. Meenal lends ? 75,000 at Cl. 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. without formula​

Answer 1

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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