Find the amount and the compound interest on rupees 2500 for 2 year,compounded annually,the rate of interest being 6% during the first year and 8% during the second year.
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Answer:
Step-by-step explanation:
principal = 2500
time = 2 years
rate for first year = 6%
a = p(1+r)^t
= 2500* (1 + 6/100) ^t * ( 1+ 8/100 )^t ( because we have two different rates )
= 2500 * 106/100 * 108/100
= 2862
c.i = a - p
= 2862 - 2500
= 362
hence the c.i is rupees 362 and the amount is rupees 2862
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