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Question
A man lends Rs. 12,500 at 12% for the first year, at 15% for the second year and at 18% for the third year. If the rates of interest are compounded yearly ; find the difference between the C.I. fo the first year and the compound interest for the third year.
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Solution
For 1st year
P = Rs. 12500; R = 12%; T = 1 year
I = `[ 12500 xx 12 xx 1]/100` = Rs. 1500
A = 12500 + 1500 = Rs. 14000
For 2nd year
P = Rs. 14000; R = 15%; T = 1 year
I = `[14000 xx 15 xx 1]/100` = Rs. 2100
A = 14000 + 2100 = Rs. 16100
For 3rd year
P = Rs. 16100; R = 18%; T = 1 year
I = `[16100 xx 18 xx 1]/100`= Rs. 2898
A = 16100 + 2898 = Rs. 18,998
Difference between the compound interest of the third year and first year
= Rs. 2893 - Rs. 1500
= Rs. 1398
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