Question

Find the amount and the compound interest on 6500 for 2 years, compounded annually,the rate of intere
st being 5% per annum during the first year and 6% per annum during thesecond year.​

Answer 1

Answer:

7234.5

Step-by-step explanation:

The amount P = 6500

the rate of interest for 1st year = 5℅

then, interest = (6500 X 5 X 1/100) + 6500

= 6825

the rate of interest for the 2nd year = 6%

the next amount will be, 6825

then, interest = (6825X6X1/100)+ 6825

= 7234.5//