Question

find the amount on rupees 16500 after 2 years if the rate of interest being 8% for the first year and 10% for the second year compounded annually for confirmation of the answer is amount is equal to Rupees 19602

Answer 1

Please find below the solution to the asked query:

Given : Principle amount = P =  Rs 2000 , Time  =  2 years and Rate of interest  = r1 = 3 % for first year and r2  = 4 % for second year

We know formula for compound interest when we have successive interest :

Amount =  P(1 + r1100)(1 + r2100) , So

Amount = 2000(1 + 4100)(1 + 3100) = 2000 × 104100×103100 = 0.2 × 104 × 103= Rs .2142.40            ( Ans )

Compound interest  =  2142.4 -  2000 =  Rs 142.40                                                                                             ( Ans )

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Answer 2

Step-by-step explanation:

add 17820+1782= 19602