rupees 16000 in 3 years, when the rate of the interest for successive year are10%,14%and15% respectively
Answers
Step-by-step explanation:
P = ₹16000
t = 3 years
r1 = 10%
r2 = 14%
r3 = 15%
Amount = ?
When different rate of interest for different years is given then amount A =
A = P × (1 + r1/100)(1 + r2/100)(1 + r3/100)
=> A = 16000 × (1 + 10/100)(1 + 14/100)(1 + 15/100)
=> A = 16000 × 110/100 × 114/100 × 115/100
=> A = 16000 × 1.1 × 1.14 × 1.15
=> A = 23073.6
So, the amount = ₹23073.6
&
Compound interest = 23073.6 - 16000 = ₹7073.6
Answer:
Step-by-step explanation:
or the first year, on interest being compounded at R=10 %, we have
Amount=P(1+
100
R
)
N
=16,000×(1+
100
10
)
1
=16,000×1.1=Rs17,600
For the second year, P=Rs17,600 on interest being compounded at R=14 %, we have
Amount=P(1+
100
R
)
N
=Rs17,600×(1+
100
14
)
1
=Rs17,600×1.14=Rs20,064
For the third year, P=Rs20,064 on interest being compounded at R=15 %, we have
Amount=P(1+
100
R
)
N
=Rs20,064×(1+
100
15
)
1
=Rs20,064×1.15=Rs23,073.60
So, Total amount =Rs23,073.60
And TotalC.I.=A−P=Rs23,073.60−Rs16,000=Rs7,073.60