Calculate the compound interest acquired on Rs. 6000 in 3 years, compounded yearly , if the rates for the successive years are 5 %,8 % and 10 % respectively.
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Answer:
Given, P= Rs. 6000, n=3 years, r
1
=5%, r
2
=8% and r
3
=10%.
Amount (A) after three years is given by
A=P(1+
100
r
1
)(1+
100
r
2
) (1+
100
r
3
)
=P(1+
100
5
)(1+
100
8
) (1+
100
10
)
=6000(
20
21
)(
25
27
) (
10
11
)
= Rs. 7484.40
∴ Compound interest (C.I.) =A−P
= Rs. (7484.40−6000)
= Rs. 1484.40
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