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Question
Find the amount and the compound interest on ₹ 10,000 in 3 years, if the rates of interest for the successive years are 10%, 15%, and 20% respectively.
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Solution
Principal (P) = ₹10,000
Time (t) = 3 years
Rate (R1) = 10%
Rate (R2) = 15%
Rate (R3) = 20%
Amount =`"P"xx(1+"R"_1/100)(1+"R"_2/100)(1+"R"_3/100)`
`=₹10,000xx(1+10/100)(1+15/100)(1+20/100)`
`=₹10,000xx11/10xx23/20xx6/5`
= ₹15,180
C.I. = Amount − Principal
= ₹15,180 − ₹10,000
= ₹5180
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