The compound interest on rs. 6000 for 3 yrs at a rate of 8% for first year, 10% for second year and 12% for third year is
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Answer:
The compound interest for 3 years is Rs 1,983.36
Explanation:
Given,
Principle= Rs 6,000
So, compound interest for 1st year
= P × R × T / 100
= Rs 6,000 × 8 × 1 /100
= Rs 480
New principle = Principal + Interest
= Rs 6,000 + Rs 480
= Rs 6,480
C.I. for 2nd year = Rs 6,480 × 10 × 1 /100
= Rs 648
New principle = Principal + Interest
= Rs 6,480 + Rs 648
= Rs 7,128
C.I. for 3rd year = Rs 7,128 × 12 × 1 /100
= Rs 855.36
Therefore, the total compound interest in 2 years = Rs 480+ Rs 648 + Rs 855.36
= Rs 1,983.36
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