Question

Prasad borrowed ₹ 25,000 for 3 years at compound interest at the rate of 4%, 5%,10% for the first, second and third year respectively. Find the total amount of money he had to pay after 3 years.

Answer 1

Answer:

Rs. 30030

Step-by-step explanation:

CI Compounded annually with different rate of interest

$amount = p \times (1 + \frac{r1}{100}) \times (1 + \frac{r2}{100}) \times (1 + \frac{r3}{100})$

$amount = 25000 \times (1 + \frac{4}{100}) \times (1 + \frac{5}{100}) \times (1 + \frac{10}{100})$

$amount = rs. \: 30030$

(or)

$succesive \: percent \: increase = x + y + \frac{xy}{100}$

For two years = 4 + 5 + (4 * 5) / 100 = 9. 2

For three years = 9. 2 + 10 + (9. 2 * 10) / 100 = 20.12%

CI = 25000 * 20.12 / 100 = Rs. 5030

Amount = 25000+5030 = Rs. 30030