Find the compound interest on Rs 3,125 for
three years if the rates of interest for the first,
second and third year are 4 %, 5 % and 6%
respectively.
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2
Answer:
492.25
Step-by-step explanation:
It is given that
Principal (P) = 3125
Rate of interest for continuous = 4%,5% and 6%
Period (n) = 3 years
We know that
Amount = P(1+r/100)
n
Substituting the values
=3125(1+4/100)(1+5/100)(1+6/100)
By further calculation
=3125×26/25×21/20×53/50
= 3617.25
Here
CI=A−P
Substituting the values
=3617.25−3125
=492.25
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