A sum of Rs.6000 was taken as a loan. The rates of compound interest 3 for successive years are 10%, 18% and 20% respectively. Find the amount to be repaid at the end of the 3 years.
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here, P = 6000 rs
interest for first year = 10%
interest = PR/100 = 6000*10/100
= 600
since, we are calculating compound interest, principal for second year will be amount after first year
for second year
P = 6000+600 = 6600
rate of interest = 18%
interest = PR/100
= 6600*18/100
= 1188
Amount after second year = 6600 + 1188 = 7788 rs
for third year
P = 7788
rate of interest = 20%
interest = PR/100
= 7788*20/100
= 1557.60
Amount after third year = 7788 + 1557.60
= 9345.60 rs
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