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Question
Calculate the amount and the compound interest on:
Rs. 16,000 in 3 years, when the rates of the interest for successive years are 10%, 14% and 15% respectively.
Solution
For 1st year
P = Rs. 16000; R = 10%; T = 1 year
I = `[16000 xx 10 xx 1]/100`
I = Rs. 1600
A = 16000 + 1600 = 17600
For 2nd year,
P = Rs. 17600; R = 14%; T = 1 year
I = `[17600 xx 14 xx 1]/100 = 246400/100`
I = Rs. 2464.
A = 17600 + 2464 = Rs. 20064
For 3rd year,
P = Rs. 20064; R = 15%; T = 1 year
I = `[20064 xx 15 xx 1]/100`
I = 3009.60
Amount after 3 years = 20064 + 3009.60 = Rs. 23073.60
Compound interest = 23073.60 - 16000 = Rs. 7073.60
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