Question

What sum of money will amount to * 7,475 in 3 years if the rate of
interest in the first, 2nd and 3rd year is 4%, 5% and 5% respectively?
(Ans. * 6,557.20] Simple interest​

Answer 1

Step-by-step explanation:

S.I=

100

PRT

=

100

P(5)(2)

=0.1P

C.I=P[(1+

100

R

n

)−1]=P(1.05

2

−1)=0.1025P

C.I−S.I=0.0025P=15

⇒P=6000Rs