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Question
What sum of money will amount to Rs 10,256.40 in 3 years at compound interest if the rates of interest for the successive years are 10%, 11% and 12%?
Solution
Here P = ? ; t = 3 years ; r = 10%, 11% and 12% successively ; A= Rs 10.256.40
`"A" = "P" (1 + "r"/100)^"n"`
Rs 10256.40 = P `(1 + 10/100)(1 + 11/100)(1 + 12/100)`
Rs 10,256.40=P x 1.1 x 1.11 x 1.12
Rs 10,256.40 = 1.36752 P
P = Rs `10256.40/1.36752`
P = Rs7,500
Hence, the sum of money is Rs 7,500.
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