Find the amount and compounded interest on rupees 15,000 for 3 years,the rate of interest being 8% for the first year,9% for the second year and 10% for the third year. koi to batao answer.
Answers
Answer:
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.
\text { Amount }=p\left(1+\frac{R_{1}}{100}\right)\left(1+\frac{R_{2}}{100}\right)\left(1+\frac{R_{3}}{100}\right) Amount =p(1+
100
R
1
)(1+
100
R
2
)(1+
100
R
3
)
Here, p is principal amount = 15000, R1 = 5, R2 = 8, R3 = 10. Substitute values in above formula.
\text { Amount }=15000 \times\left(1+\frac{5}{100}\right) \times\left(1+\frac{8}{100}\right) \times\left(1+\frac{10}{100}\right) Amount =15000×(1+
100
5
)×(1+
100
8
)×(1+
100
10
)
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