find the CI on rupees 8,75,000 compounded annually if the rate of interest being 2%, 4% and 5% respectively for 3 successive years
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Answer:
Rs 99610
Step-by-step explanation:
Principle Amount = Rs 875000
Interest for 1st year at 2 % using P * R * T /100
= 875000 * 2 * 1 /100
= 17500
Principle after 1st Year = 875000 + 17500 = Rs 892500
Interest for 2nd Year = 892500 * 4 * 1/100 = Rs 35700
Principle after 2nd year = 892500 + 35700 = Rs 928200
Interest for 3rd Year = 928200 * 5 * 1/100 = Rs 46410
Total Interest = 17500 + 35700 + 46410 = Rs 99610
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