What is the annual interest rate of 8% on Rs.5000? *
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Step-by-step explanation:
Given : Principal value P=5,000 Rs., n=3,R
1
=8,R
2
=10,R
3
=12
Amount(A)=P(1+
100
R
1
)(1+
100
R
2
)(1+
100
R
3
)
=5000(1+
100
8
)(1+
100
10
)(1+
100
12
)
=6652.8
C.I.=A−P=6652.8−5000=1652.8=1653
Hence, the correct answer is Rs. 1,653.
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