Question

calculate the compound interest accured on rupees 6000 in 3 year compound yearly. if the rates for the successive year are 5% 8% and 10% respectively

Answer 1

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Answer 2

Given:

P = ₹ 6,000

n = 3 years

r1 = 5%

r2 = 8%

r3 =10%

We know that:

Amount = P(1 + r1/100)(1 + r2/100)

Solution:

Amount = P(1 + r1/100)(1 + r2/100)

= 6000(1 + 5/100)(1 + 8/100)(1 + 10/100)

= 6000(21/20)(27/25)(11/10)

= ₹7,484.40

Therefore:

C.I. = ₹7,484.40 – ₹6,000 = ₹1,484.40 Ans