Topic - Compound interest
Ashok invested Rs5 lakh in a bank for 3 years compounded annually, the rate of interest being 6% p.a. for the first year, 7% for the second year, and 8% p.a. for the third year. Find the amount and the compound interest after 3 years.
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Answers
Answered by
3
Answer:
We have,
A=Rs.6272,P=Rs.5000,T=2 years
Part (i)
We know that
A=P(1+
100
R
)
T
or, 6272=5000(1+
100
R
)
2
or, (1+
100
R
)
2
=1.2544
or, 1+
100
R
=1.12
or,
100
R
=0.12
or, R=12%
Part (ii)
The amount at the end of the 3rd year.
A=5000(1+
100
12
)
3
A=5000(1+
25
3
)
3
A=5000(
25
28
)
3
A=Rs.7024.64
Answered by
36
Question:-
Ashok invested Rs5 lakh in a bank for 3 years compounded annually, the rate of interest being 6% p.a. for the first year, 7% for the second year, and 8% p.a. for the third year. Find the amount and the compound interest after 3 years.
Given:-
To Find:-
- Amount and the compund interest after 3years.
Solution:-
- Thus, the amount after 3years, is A = ₹6,12,468 and the compound interest is
- CI = A – P = ₹6,12,468 – ₹5,00,000 = ₹1,12,468.
Answer:-
- Amount after 3years = A = ₹6,12,468.
- Compound Interest = ₹1,12,468.
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