calculate the amount due and the compound interest on 10000rs in 2 years when the rate of interest on successive years is 8 per and 9 per respectively.
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Answer:
Given Rate of interests are r
1
=5%=0.05,r
2
=8%=0.08,r
3
=10%=0.1
Principal Amount is A=10,000
Time is t=1 years
Interest is compounded yearly once ⟹n=1
for 1st year ,Amount =P(1+
n
r
1
)
nt
=10000(1+0.05)=10500
for 2nd year ,Amount =P(1+
n
r
2
)
nt
=10500(1+0.08)=11340
for 3rd year ,Amount =P(1+
n
r
3
)
nt
=11340(1+0.1)=12474
Total Interest is 12474−10000=2474
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