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