Question

Rs. 2500 was borrowed for 3 years. What will be the

compound interest if the rate of interest for first year

is 3% per annum, second year is 4% per annum and

for third year is 5% per annum respectively?​

Answer 1

Answer:

C.I of first year = 2575

C.I of second year = 2704

C.I of third year = 2894.06

Step-by-step explanation:

for first year,

P = principle = 2500

R = rate of interest = 3%

n = number of years = 1

so , compound interest = P (1 + R/100)^n

=2500 (1+3/100)^1

= 2500 (103/100)

= 25×103

= 2575

for second year,

P = principle = 2500

R = rate of interest = 4%

n = number of years = 2

so , compound interest = P (1 + R/100)^n

=2500 (1+4/100)^2

= 2500 (104/100)

= 2500 × 104/100 × 104/100

= 26 × 104

= 2704

for third year,

P = principle = 2500

R = rate of interest = 5%

n = number of years = 3

so , compound interest = P (1 + R/100)^n

=2500 (1+5/100)^3

=2500 (103/100)

= 2500 × 105/100× 105/100 × 105/100

= 2894.06

Answer 2

Compound interest would be Rs. 311.90.

Step-by-step explanation:

Since we have given that

Principal = Rs. 2500

Time = 3 years

Rate of interest for first year = 3%

Rate of interest for second year = 4%

Rate of interest for third year = 5%

So, Amount for 3 years would be

$A=2500(1+\dfrac{3}{100})(1+\dfrac{4}{100})(1+\dfrac{5}{100})\\\\A=2500(1+0.03)(1+0.04)(1+0.05)\\\\A=2500\times 1.03\times 1.04\times 1.05\\\\A=2811.90$

So, Compound interest would be

$Amount-Principal\\\\=2811.90-2500\\\\=311.90$

Hence, compound interest would be Rs. 311.90.

# learn more:

Rohan borrowed a certain sum of money at simple interest. Rate of interest was 3% per annum for first 3 years, 4% per annum for next 5 years and 6% per annum for next 7 years. If he paid rs 2059 as interest, then what is the sum borrowed (in rs

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