Question

a bank gives compound interest on deposits at the rate of 5% for the first year, 6% for the second year and 10% for the 3rd year. find the effective rate of interest for 1 year.also find initial deposit if the sum of 3 years is Rs 12243​

Answer 1

Answer:

First Take the principal Amount as = Rs12243

Its for three years use the Simple interest formula.

for the 1st year :

SI = PTR/100

SI = 12243 X 5% X 1/100 = do calculation on your own

Step-by-step explanation:

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