Question

Find the amountand compound interest on a sum ₹15000 ivested for 3 years at the rate of 8% for 1 year ,10% for 2 year and 12% for the 3 year

Answer 1

Answer:

Step-by-step explanation:

Principal = Rs 15000

First year:

Principal = Rs 15000

Interest = 8%

Amount = 15000 + (0.08 x 15000) = Rs 16200

Second year:

Principal = Rs 16200

Interest = 10%

Amount = 16200 + (0.1 x 16200) = Rs 17820

Third year:

Principal = Rs 15000

Interest = 12%

Amount = 17820 + (0.12 x 17820) = Rs 19958.40

Interest = 19958.4 - 15000 = Rs 4958.40

Answer: Amount = Rs 19958.40 and Interest =  Rs 4958.40