Calculate the compound interest on Rs 20000 for 3 years if the rates of
interest for the first, second and third year are respectively 8%, 9% and 10% per annum.
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Answer:
5898.4Rs
Step-by-step explanation:
first year=20000×8/100
=1600
total money=20000+1600
=21600
second year=21600×9/100
=1944
total money=21600+1944
=23544
third year=23544×10/100
= 2354.4
total money=23544+2354.4
=25898.4
compound interest=25898.4-20000
=5898.4Rs
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