Question

Mr. X deposited Rs.10,000 in a bank for 3 years offering interest at the rate of 12% compounded
quarterly for the first 2 years and a 10% compounded continuously during 3rd year. The balance
12
after 3 years is:​

Answer 1

Answer:

sorry I not now I not now

Answer 2

Here,

Principal= 10000

Rate for 1st and 2nd Years = 12% p.a. compounded quarterly = 3% per quarter

Now,

Compound Amount (at the end of 2nd year) = 10000×(1.03^8) = 12667.7

Again, for the 3rd year:

Compound Amount = 12667.7 × ( e ^ .1 )

= 12667.7 × (2.71828 ^ .1)

= 14000 approximately