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Question
Calculate the amount and the compound interest for the following:
Rs 10,000 for 3 years if tl1e rates of interest are 10%, 11% and 12% for the successive years.
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Solution
P=Rs 10,000; t=3 years; r = 10%, 11% and 12% successively.
`"A" = "P" (1 + "r"/100)^"n"`
A = Rs 10000 `(1 + 10/100)(1 + 11/100)(1 + 12/100)`
= Rs 10000 x 1.1 x 1.11 x 1.12
= Rs 13,675.20
C.l. = A - P
= Rs (13,675.20 - 10, 000)
= Rs3,675.20
Hence, Amount= Rs 13,675.20 and C.I. =Rs 3,675.20
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