Question

calculate the amount due in 3 year on ₹ 5000 if the rate of compound interest of successive years are 7% ,<br />8% and 10% respectively ​

Answer 1

Correct Question:-

Calculate the amount due in 3 year on ₹ 5000 if the rate of compound interest of successive years are 7% ,8% and 10% respectively .

Given:

• Principle = ₹ 5000

• Rate for 1 year = 7%

• Rate for 2 year = 8%

• Rate for 3 year = 10%

To find:

• Final amount

Solution:

For 1 year :-

Here:

Principle = ₹ 5000

R = 7%

T = 1 year

To find Simple interest:-

Now we know:

• Simple interest = (P × R × T)/100

• Simple interest = (5000 × 7 × 1)/100

• Simple interest = 50 × 7

• Simple interest = ₹ 350

To find Amount:-

We know:

• Amount = Simple interest + Principle

• Amount = 350 + 5000

• Amount = ₹5350

For 2 year :-

Here:

• Principle = ₹ 5350
• R = 8%
• T = 1 year

To find Simple interest:-

Now we know:

• Simple interest = (P × R × T)/100

• Simple interest = (5350 × 8 × 1)/100

• Simple interest = (535 × 8)/10

• Simple interest = 4280/10

• Simple interest = ₹428

To find Amount:-

We know:

• Amount = Simple interest + Principle

• Amount = 428 + 5350

• Amount = ₹5778

For 3 year:

Here:

• Principle = ₹ 5778
• R = 10%
• T = 1 year

To find Simple interest:-

Now we know:

• Simple interest = (P × R × T)/100

• Simple interest = (5778 ×10 ×1)/100

• Simple interest = (5778 × 1 ×1)/10

• Simple interest = 5778/10

• Simple interest = ₹577.8

To find Amount:-

we know:

• Amount = Simple interest + Principle

• Amount = 577.8 + 5778

• Amount = ₹6355.8

.°. Owr Final Amount = ₹6355.8

Happy learning! :)