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Question
Find compound interest on Rs 31250 for 3 years, if the rates of interest for 1st,2nd and 3rd years be 8%, 10% and 12% respectively.
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Solution
Here P = Rs.31250, t = 3 years, r = 8%, 10%, 12% successively.
Now, Amount
= `"P"(1 + "r"_1/100)(1 + "r"_2/100)(1 + "r"_3/100)`
= `31250(1 + 8/100)(1 + 10/100)(1 + 12/100)`
= `31250(108/100)(110/100)(112/100)`
= 41580
Hence, Amount = Rs.41580.
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