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Question
Calculate the arnount and the cornpound interest for the following:
Rs 20,000 for 3 years at `7 1/2 %` for the first year, 8% for the second year and 10% for the third year.
Solution
P = Rs 20000;
(i) Interest for he first year
T = 1 year , R = `7 1/2 %` for first year = `15/2 %`
`= ("Rs" 20000 xx 15/2 xx 1)/100`
`= ("Rs" 20000 xx 15 xx 1)/ (2 xx 100)`
= Rs 1500
(ii) Principal for the second year
= Amount after one year
= Rs 20000 + Rs 1500
= Rs 21500
(iii) Interest for the second year
T = 1 year , R = 18 % for second year
`= ("Rs" 21500 xx 8 xx 1)/100`
= Rs 1720
(iv) Principal for the third year
= Amount after second year
= Rs 21500 + Rs 1720
= Rs 23220
(v) Interest for the third year
t = 1 year , R = 10 % for second year
`= ("Rs" 23220 xx 10 xx 1)/100`
= Rs 2322
Therefore Amount at the end of 3rd year
= Rs 23220 + Rs 2322
= Rs 25542
Amount = Rs 25542
C.I. = A - P
= Rs (25542 - 20000)
C.I. = Rs 5542
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