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Question
Calculate the compound interest accrued on Rs. 6,000 in 3 years, compounded yearly, if the rates for the successive years are 5%, 8% and 10% respectively.
Solution
Given : P = Rs. 6,000; n = 3 years; r1 = 5%; r2 = 8% and r3 = 10%
Amount = `"P"( 1 + r_1/100)( 1 + r_2/100)( 1 + r_3/100)`
= `6000( 1 + 5/100 )( 1 + 8/100)( 1 + 10/100)`
= `6000(21/20)(27/25)(11/10)`
= Rs. 7,484.40
∴ C.I. = Rs. 7,484.40 - Rs. 6,000 = Rs. 1,484.40.
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