please solve this compound interest question.
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Answer:
Rs. 9484.4
Step-by-step explanation:
For first 3 years:
P = 12000
R = 5%
n = 1
t = 3
A = 12000(1+0.05)^3 = 13891.5
For next 4 years:
P = 13891.5
R = 6%
n = 1
t = 4
A = 13891.5(1+0.06)^4 = 17537.7
For last 3 years:
P = 17537.7
R = 7%
n = 1
t = 3
A = 17537.7(1+0.07)^3
A = 21484.4
Total Interest = Final Amount - Principal
= 21484.4 - 12000
= 9484.4
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