Calculate the amount and compound intrest on ₹12000 in 3 years when the rate of intrest for successive years are 8%,10%and 15% respectively
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Answer:
For 1st year
Principal (P) = Rs. 15,000
Rate (R) = 6%
Time (T) = 1 year
∴ Interest = (15000 × 6 ×1)/100 = 150 × 6 = Rs. 900
∴ Amount at the end of first year
= Rs. 15,000 + Rs. 900 = Rs. 15900
For 2nd year
P = Rs. 15900
R = 8%
T = 1 year
∴ Interest = (15900 × 8 ×1)/100 = 159 × 8 = Rs. 1272
∴ Amount at the end of 2nd year
= Rs. (15900 + 1272) = Rs. 17171
For 3rd year
P = Rs. 17172
R = 10%
T = 1 year
∴ Interest = (17172 × 10 × 1)/100 = Rs. 1717.20
∴ Amount at the end of 3rd year
= Rs. (17172 + 1717.20)
= Rs. 18889.20
∴ Compound interest = 18889.20 – 15,000
= Rs. 3889.20
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