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Question
Find the amount and the compound interest on the following :
Rs.16000 for 3 years at 10%, 8% and 6% for successive years.
Solution
Rs.16000 for 3 years at 10%, 8% and 6% for successive years.
Here P = Rs.16000, t = 3 years, r = 10% , 8% , 6% successively.
Now, Amount
= `"P"(1 + "r"_1/100)(1 + "r"_2/100)(1 + "r"_3/100)`
= `16000(1 + 10/100)(1 + 8/100)(1 + 6/100)`
= `16000(11/10)(108/100)(106/100)`
= 20148.48
Hence, Amount = Rs.20148.48
Also, C.I.
= A - P
= Rs.20148.48 - Rs.16000
= Rs.4148.48.
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