Calculate the amount and the compound interest for every year on ₹16,000 in 3 years when the rates of interest of successive years are 10%, 14% and 15% respectively.
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Whenratesofdifferentyearisgivenformulatocalculateamountis A=P(1+
100
R
1
)(1+
100
R
2
)(1+
100
R
3
)
Givenprincipalis16000
A=16000(1+
100
10
)(1+
100
12
)(1+
100
15
)
A=16000(1.1×1.12×1.15)
A=16000×1.4168
A=22668.8
Amountwillbe22668.8
∴ Compound interest accrued will be =22,668.80−Rs.16,000=Rs.6,668.80
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