Question

Calculate the amount and compound interest on Rs.20000 in 3 years when the rate of interest for the successive years is 10%,10%,12% per annum respectively.

Answer 1

for 1st year, c.i= 20000×1×10/100=2000

for 2nd year, c.i=22000×1×10/100=2200

for 3rd year, c.i= 24200×1×12/100=2904
total c.i=2000+2200+2904=7104
a=20000+7104 =27104