find the amount and the compound interest on₹12,000in 3 years when the rates of interest for successive years are 10persent,12 percent and 15percent respectively
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Answer:
Step-by-step explanation:
Step 1: Calculating the total amount
Sum = 12000Rs
Time = 3 years
Rate of interest =8%,10%,15%
Required amount, A=P(1+
100
r
1
)(1+
100
r
2
)(1+
100
r
3
)
⟹A=12000(1+
100
8
)(1+
100
10
)(1+
100
15
)
A=12000×
100
108
×
100
110
×
100
115
A=16394.40Rs
Step 2: Calculating the C.I.
C.I.=Tot. Amount−Principal Amount
⟹C.I.=16394.40−12000=4394.40Rs
Hence Amount =16394.40Rs and C.I. =4394.40Rs
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