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Question
Find the amount and the compound interest on ₹ 4,000 in 2 years, if the rate of interest for the first year is 10% and for the second year is 15%.
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Solution
Principal (P) = ₹4,000
Time (t) = 2 years
Rate (R1) = 10% and rate (R2) = 15%
Amount =`"P"xx(1+"R"_1/100)(1+"R"_2/100)`
`=₹4,000(1+10/100)(1+15/100)`
`=₹4,000xx11/10xx23/20`
= ₹5060
C.I. = Amount − Principal
= ₹5060 − ₹4000
= ₹1060
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