Question

what is the compound interest on Rs 5,000 in 2 years, if the rates of the interest for successive years be 10% and 12% respectively​

Answer 1

Step-by-step explanation:

Given:-

• Principal for first year = Rs. 5,000

• Rate of interest for first year = 10%

$amount \: = principal \: ( \frac{1 + rate\%}{100} )^{time}$

→ Amount after 1st year = Rs. 5000 ( 1+10/100)

→ Rs. 5,000 × 110/100

→ Rs. 50 × 110

→ Rs. 5,500

Now, Principal for second year = Rs. 5,500

• Rate of interest for second year = 12%

→ Amount after second year = Rs. 5500 (1+12/100)

→ Rs. 5,500 × 112/100

→ Rs. 55 × 120

→ Rs. 6,600

Therefore, the amount after second year = Rs. 6,600

$compound \: interest \: = amount \: - \: principal$

→ Compound Interest (C.I) → Rs. (6,600 - 5,000)

→ Compound Interest → Rs. 1,100

Therefore, the Compound Interest on Rs. 5,000 in 2 years, if the rates of the interest for successive years be 10% and 12% respectively is Rs. 1,100.

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