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Question
Calculate the compound interest on Rs. 15,000 in 3 years; if the rates of interest for successive years be 6%, 8%, and 10% respectively.
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Solution
For 1st year
Principal (P) = Rs.15,000, Rate (R) = 6%, Time (T) = 1 year
∴ Interest =`(15,000xx6xx1)/100` = 150 × 6 = Rs.900
∴ Amount at the end of 1st year
= Rs.15,000 + Rs.900
= Rs.15900
For 2nd year
P = Rs.15900, R = 8%, T = 1 year
∴ Interest =`(15,900xx8xx1)/100` = 159 × 8 = Rs.1272
∴ Amount at the end 2nd year
= Rs. (15900 + 1272)
= Rs.17172
For 3rd year
P = Rs.17172, R = 10%, T = 1 year
∴ Interest =`(17172xx10xx1)/100` = Rs.1717.20
∴ Amount at the end of 3rd year
= Rs. (17172 + 1717.20)
= Rs.18889.20
∴ Compound interest = 18889.20 − 15,000
= Rs.3889.20
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