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Question
How much will Rs 25000 amount to in 2 years at compound interest, if the rates for 1st and 2nd years be 4% and 5% p.a. respectively?
Solution
Here P = Rs.25000, t = 2 years, r = 4%, 5% successively.
Now, Amount
= `"P"(1 + "r"_1/100)(1 + "r"_2/100)`
= `25000(1 + 4/100)(1 + 5/100)`
= `25000(104/100)(105/100)`
= 27300
Hence, Amount = Rs.27300.
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