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Question
Calculate the amount and the compound interest for the following:
Rs 12,500 for 3 years if the rates for the successive years are 8%, 9% and 10% respectively.
Solution
P=Rs 12,500; t=3 years; r = 8 %, 9% and 10% successively.
`"A" = "P" (1 + "r"/100)^"n"`
A = Rs 12500 `(1 + 8/100)(1 + 9/100) (1 + 10/100)`
= Rs 12,500 x 1.08 x 1.09 x 1.1
= Rs 16,186.50
C.I. = A - P
= Rs (16,186.50 - 12,500)
= Rs 3,686.50
Hence, Amount= Rs 16,186.50 and C.I. =Rs 3,686.50
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