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Question
Calculate the amount of Rs. 15,000 is lent at compound interest for 2 years and the rates for the successive years are 8% and 10% respectively.
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Solution
Given : P = Rs. 15,000; n = 2 years; r1 = 8 % and r2 = 10%
Amount = `"P"( 1 + r_1/100)( 1 + r_2/100)`
= `15000( 1 + 8/100 )( 1 + 10/100)`
= `15,000(27/25)(11/10)`
= Rs. 17,820.
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