Question

find the amount and compound interest on 18000 compounded annually the rate of interested Beacon 7% 12% and 14 percentage spectrally for three successive year​

Answer 1

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Answer 2

Amount=Rs 24591.168

Compound interest=Rs 6591.168

Step-by-step explanation:

$P=18000$

$r_1=7$%

$r_2=12$%

$r_3=14$%

When rates are different for three years therefor,

Amount=$A=P(1+\frac{r_1}{100})(1+\frac{r_2}{100})(1+\frac{r_3}{100})$

Using the formula

$A=18000(1+\frac{7}{100})(1+\frac{12}{100})(1+\frac{14}{100})$

$A=18000\times (1.07)(1.12)(1.14)$

$A=24591.168$

Amount=Rs 24591.168

Compound interest=Amount-Principle=A-P

Using the formula

C.I=24591.168-18000=6591.168

Compound interest=Rs 6591.168

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