Question

(Hint: Interest of 3rd year = Amount after 3 years – Amount after 2 years]
6. Find the amount and compound interest on 15,000 for 3 years, the rate of interest being 8% for the
first year, 9% for the second year and 10% for the third year.
HOTS​

Answer 1

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

I hope it's helpful for you. Thank you ❤️

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