Question

calculate the compound interest on 15000 in 3 years if the rate of interest of the succesive years will be 6% 8% 10%

Answer 1

Answer:

For 1st year

Principal (P) = Rs. 15,000

Rate (R) = 6%

Time (T) = 1 year

∴ Interest = (15000 × 6 ×1)/100 = 150 × 6 = Rs. 900

∴ Amount at the end of first year

= Rs. 15,000 + Rs. 900 = Rs. 15900

For 2nd year

P = Rs. 15900

R = 8%

T = 1 year

∴ Interest = (15900 × 8 ×1)/100 = 159 × 8 = Rs. 1272

∴ Amount at the end of 2nd year

= Rs. (15900 + 1272) = Rs. 17171

For 3rd year

P = Rs. 17172

R = 10%

T = 1 year

∴ Interest = (17172 × 10 × 1)/100 = Rs. 1717.20

∴ Amount at the end of 3rd year

= Rs. (17172 + 1717.20)

= Rs. 18889.20

∴ Compound interest = 18889.20 – 15,000

= Rs. 3889.20

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