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.

Answer 1

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