find the amount and compound interest on Rs15000 compounded annually ,the rate of interest being 5 % , 8% ,10% ,respectively for 3 successive years
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The amount is Rs.18711 and compound interest is Rs. 3711
Solution:
Given, Rs 15000 compounded annually, the rate of interest being 5 %, 8% ,10% respectively for 3 successive years.
We have to find amount and compound interest.
Now, we know that,
When Rates are different for different years, say R1 %, R2 %, R3 % for 1st, 2nd and 3rd year respectively.
Here, p is principal amount = 15000, R1 = 5, R2 = 8, R3 = 10. Substitute values in above formula.
Amount = 15000 x 1.05 x 1.08 x 1.1 = 18711
So, amount is Rs.18711.
Now, compound interest = amount – principal amount = 18711 – 15000 = 3711
Hence, amount is Rs.18711 and compound interest is Rs. 3711
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