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Question
Find the amount and the compound interest payable annually on:
Rs.17500 for 3 years at 8%, 10% and 12% for the successive years.
Solution
For 1st year : P = Rs.17500, R = 8% and T = 1 year
∴ Interest = Rs.`(17500 xx 8 xx 1)/(100)`
= Rs.1400
And, amount
= Rs.17500 + Rs.1400
= Rs.18900
For 2nd year : P = Rs.18900, R = 10% and T = 1 year
∴ Interest = Rs.`(18900 xx 10 xx 1)/(100)`
= Rs.1890
And, amount
= Rs.18900 + Rs.1890
= Rs.20790
For 3rd year : P = Rs.20790, R = 12% and T = 1 year
∴ Interest = Rs.`(20790 xx 12 xx 1)/(100)`
=Rs.2494.80
And, amount
= Rs.20790 + Rs.2494.80
= Rs.23284.80
∴ Required amount = Rs.23284.80
And, Compound Interest
= A - P
= Rs.23284.80 - Rs.17,500
=Rs.5784.80.
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