Question

Calculate the compound interest on Rs. 5000 in 2 years if the rates of interest for the successive years be 10% and 15% respectively​

Answer 1

Answer:

For 1st year

Principal (P) = Rs. 5,000

Rate (R) = 10%

Time (T) = 1 Year

∴ Interest = (5,000 × 10 × 1)/100 = 50 × 10 = Rs. 500

∴ Amount at the end of 1ST year = Rs. (5000 + 500) = Rs. 5500

For 2nd year

P = Rs. 5550

Rate 12%

T = 1 year

∴ Interest = (5500 × 12 × 1)/100 = 55 × 12 = Rs. 660

∴ Amount at the end of 2nd year

= Rs. 5500 + Rs. 660 = Rs. 6160

Hence compound interest = Rs. 6160 – Rs. 5000

= Rs. 1160

Step-by-step explanation:

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Answer 2

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For 1st year

Principal (P)= Rs. 5,000

Rate (R) = 10%

Time (T) = 1 Year

∴Interest = ( 5,000 × 10 × 1)/100

= 50 × 10

= Rs. 500

∴ Amount at the end of 1ST year

= Rs. (5000 + 500)

= Rs. 5500

For 2nd year

P = Rs. 5550

Rate 12%

T = 1 year

∴ Interest = (5500 × 12 × 1)/100 = 55 × 12 = Rs. 660

∴ Amount at the end of 2nd year

= Rs. 5500 + Rs. 660 = Rs. 6160

Hence,

Compound interest = Rs. 6160 – Rs. 5000

= Rs. 1160