Question

Calculate the amount and compound interest on 20000 rupees for three years if the interest is compounded annually and rate of interest is 5% for the first year, 7% of second year, and 9% for the third year.
⠀⠀(Answer :- ₹24492.3, ₹4492.3)



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Answer 1

Step-by-step explanation:

Given, P=20000,r=10%,n=3 years

A=P[(1+ 100r ) n ]

A=20000[(1+

10010 ) 3 ]

A= Rs. 26620

Compound interest = Amount − Principal

CI =26620−20000

CI = Rs. 6620