find the amount and the compound interest on 6500 for 2years compounded anually the rate of interest being 5%per annum during the first year and 6% per annum during the second year
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[tex][/tex]
14,469.65
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Principal amount, P= 6500
Interest for first year= 5percent of 6500
=5*6500/100=325
Amount at end of 1st year=6500+325=6825
now, P=6825
Interest for 2nd year= 6*6825/100=409.5
Final amount = 6825+409.5=7234.5
hope it helps you guys
Interest for first year= 5percent of 6500
=5*6500/100=325
Amount at end of 1st year=6500+325=6825
now, P=6825
Interest for 2nd year= 6*6825/100=409.5
Final amount = 6825+409.5=7234.5
hope it helps you guys
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