Question

Calculate the compound interest accrued on Rs 16,000 in 3 years, when rates for successive years are 10%,12%,15% respectively.

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Answer 1

$\large{\underline{\underline{\maltese{\pink{\pmb{\sf{ \; Question \; :- }}}}}}}$

Calculate the compound interest accrued on Rs 16,000 in 3 years, when rates for successive years are 10%,12%,15% respectively.

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$\large{\underline{\underline{\maltese{\green{\pmb{\sf{ \; Given \; :- }}}}}}}$

• ➯ Principal = ₹16,000
• ➯ Time = 3 years
• ➯ Rate of interest for 1st year = 10%
• ➯ Rate of interest for 2nd year = 12%
• ➯ Rate of interest for 3rd year = 15%

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$\large{\underline{\underline{\maltese{\blue{\pmb{\sf{ \; To \: Find \; :- }}}}}}}$

• Compound interest for the three successive years.

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$\large{\underline{\underline{\maltese{\red{\pmb{\sf{ \; Solution \; :- }}}}}}}$

$\bigstar \ \textsf {\textbf{\underline{Noting the Given Parameters : }}}$

❒ For the First Year :

• ➢ Principal = ₹16,000
• ➢ Rate = 10%
• ➢ Time = 1 year

❒ For the Second Year :

• ➢ Principal = ₹16,000
• ➢ Rate = 12%
• ➢ Time = 1 year

❒ For the Third Year :

• ➢ Principal = ₹16,000
• ➢ Rate = 15%
• ➢ Time = 1 year

$\bigstar \ \textsf {\textbf{\underline{Concept and Formula Used : }}}$

When rates of different years is given, formula to calculate amount is :

$\sf⇝ \: \: {\underline{{\boxed{\sf{\red{A=P(1 + \frac{ R_{1} }{100})(1 + \frac{R_{2}}{100})(1 + \frac{R_{3}}{100} ) }}}}}}$

$\bigstar \ \textsf {\textbf{\underline{Calculating the Amount : }}}$

$\sf⇢ \: \: \textsf {\textbf{A }} \sf{=16000(1 + \frac{10}{100})(1 + \frac{12}{100})(1 + \frac{15}{100}) }$

$\sf{⇢} \: \: \: \textsf {\textbf{A }} \sf{=16000(1.1 \times 1.2 \times 1.15) }$

$\sf{⇢} \: \: \: \textsf {\textbf{A }} \sf{=16000 \times 1.4168 }$

$\sf{⇢} \: \: \: \textsf {\textbf \pink{{A }} = \sf \green{ \: 22668.8 }}$

$\small{\color{red}{{\textsf{\textbf{∴ Amount = ₹22668.8}}}}}$

$\bigstar \ \textsf {\textbf{\underline{Finding the Compound interest : }}}$

$\bullet \: \: \small\bold{ \fbox{\textbf{\textsf{{\color{Purple}{Compound Interest = Amount - Principal}}}}}}$

$\sf{⇝} \: \: \bf{₹(22668.8 - 16000)}$

$\sf{⇝} \: \: \bf{₹6668.80}$

$\small{\color{red}{{\textsf{\textbf{∴ Compound interest accrued will be = ₹6668.80}}}}}$

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Answer 2

Answer:

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