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Question
Calculate the arnount and the cornpound interest for the following:
Rs 12,500 for 3 years at 12% for the first year, 15% for the second year and 17% for the third year.
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Solution
P = Rs 12500;
(i) Interest for the first year
T = 1 year , R = 12 % for first year
=`("Rs" 12500 xx 12 xx 1)/100`
= Rs 1500
(ii) Principal for the second year
= Amount after one year
= Rs 12500 + Rs 1500
= Rs 14000
(iii) Interest for the second year
T = 1 year , R = 15 % for second year
`= ("Rs" 14000 xx 15 xx 1)/100`
= Rs 2100
(iv) Principal for the third year
= Amount after second year
= Rs 14000 + Rs 2100
= Rs 16100
(v) Interest for the third year
T = 1 year , R = 17 % for second year
`= ("Rs" 16100 xx 17 xx 1)/100`
Therefore Amount at the end of 3rd year
= Rs 16100 + Rs 2737
= Rs 18837
Amount = Rs 18837
C.I. = A - P
= Rs (18837 - 12500)
C.I. = 6337
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