Question

calculate the amount due in 3 years on ₹5,000 , if the rates of compound interest for successive years are 7%, 8% and10% respectively.​

Answer 1

Question :-

calculate the amount due in 3 years on ₹5,000 , if the rates of compound interest for successive years are 7%, 8% and 10% respectively.

Solution :-

Given :

• The rates of compound interest for successive years are 7%, 8% and 10% respectively.

1st year amount

$\sf:\longmapsto{lnterest = \frac{PNR}{100} }$

$\sf: \longmapsto{lnterest = \frac{5000 \times 7 \times 1}{100} } \\ \\ \sf: \longmapsto{lnterest = 50 \times 7 } \: \: \: \: \: \: \: \: \: \: \: \: \\ \\ \bf: \longmapsto \red{ lnterest= 350} \: \: \: \: \: \: \: \: \: \: \: \: \:$

Amount = Principal + Interest

Amount = 5000 + 350

• The amount of 1st year is 5350₹

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2nd year amount

$\sf:\longmapsto{Interest = \frac{5000 \times 8 \times 1}{100} } \\ \\ \sf:\longmapsto{Interest = 50 \times 8 } \: \: \: \: \: \: \: \: \: \: \: \: \\ \\ \bf:\longmapsto \red{Interest = 400 } \: \: \: \: \: \: \: \: \: \: \: \: \:$

Amount = Principal + Interest

Amount = 5000 + 400

• The amount of 2nd year is 5400₹.

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3rd year amount

$\sf:\longmapsto{Interest = \frac{5000 \times 10 \times 1}{100} } \\ \\ \sf:\longmapsto{Interest = 50 \times 10 } \: \: \: \: \: \: \: \: \: \: \: \: \: \\ \\ \bf:\longmapsto \red{Interest = 500} \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \:$

Amount = Principal + Interest

Amount = 5000 + 500

• The amount of 2nd year is 5500₹.

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