Question

Find the compound interest on Rs.3125 for 3yrs if the rates of interest for the first,second and third year are respectively 4%,5%,6%.

Answer 1

1st year ,3125*1.04=3250
2nd year ,3250*1.05=3412.5
3rd year ,3412.5*1.06=3617.25
Ci=3617.25-3125=492.25