find the compound interest on rs 25000 for 3 years when the rate of interest is 8% for 2 years and 10 % for the third year
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Answers
Required answer : -
Question :
• Find the compound interest on rs 25000 for 3 years when the rate of interest is 8% for 2 years and 10 % for the third year.
Solution:
Given,
Principal (P) = ₹25,000
Time (i.e., number of years) = 3 years
Rate ( For first and second year ) = 8% p.a.
( For third year ) = 10% p.a.
Formulas used:
★ For 1st year:—
Principal = ₹25,000 , Rate of interest = 8% p.a.
Time = 1 year
★ For 2nd year:—
The new principal will be ₹27000
Thus,
Principal = ₹27,000 , Rate of interest = 8% ,
Time = 1 year
★ For 3rd year:—
The new principal will be ₹29160
And the rate of interest for third year will be 10%
Thus,
Principal = ₹29160 , Rate of interest = ₹10% ,
Time = 1 year
Now,
Compound Interest = Final amount - Original Principal
That is.,
C.I. = ₹32076 - ₹25000
C.I. = ₹7076
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Extra information-
♦ The money borrowed is called the principal, the extra money paid for using lender's money is called interest and the total money, paid to the lender at the end of the specific period is called amount.
♦ On the same sum and at the same rate of interest per annum, the interest of every year is same.
♦ When interest is said, it always means Simple Interest.
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Note:
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Answer: 25,000 after 3 years at the rate of 12 p.c.p.a? = Rs. 35123.20.
Step-by-step explanation: Amount=Rs.[25000×(1+12100)3]=Rs. (25000×2825×2825×2825)=Rs.35123.20∴C.I.=Rs.(35123.20−25000)=Rs.10123.20