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Question
Meenal lends Rs. 75,000 at C.I. for 3 years. If the rate of interest for the first two years is 15% per year and for the third year it is 16%, calculate the sum Meenal will get at the end of the third year.
Solution
Interest for the first year = `["P" xx "R" xx "T"]/100`
= `[ 75,000 xx 15 xx 1 ]/100`
= Rs. 11,250
Amount for the first year = Rs. 75,000 + Rs. 11,250 = Rs. 86,250
Interest for the second year = `["P" xx "R" xx "T"]/100`
= `[ 86,250 xx 15 xx 1]/100`
= Rs. 12,937.5
Amount for the second year = Rs. 86,250 + Rs. 12,937.5 = Rs. 99,187.5
Interest for the third year = `["P" xx "R" xx "T"]/100`
= `[99,187.5 xx 16 xx 1]/100`
= Rs. 15,870
Amount for the third year = Rs. 99,187.5 + Rs. 15,870 = Rs. 1,15,057.5
Hence, the sum Meenal will get at the end of the third year is Rs. 1,15,057.5
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