Calculate the compound interest on rs 5000 in 2 years ; if the rates of successive years be 10% and 12% respectively .
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55
As we know the formula for amount for two given rates is = P(1+R1/100)(1+R2/100)
So, Amount= 5000×(1+10/100)(1+12/100)
=5000×110/100×112/100
=₹6160
Compound Interest= Amount - Principal
=₹6160-₹5000
=₹1160
So, Amount= 5000×(1+10/100)(1+12/100)
=5000×110/100×112/100
=₹6160
Compound Interest= Amount - Principal
=₹6160-₹5000
=₹1160
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