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Question
Find the amount and the compound interest on Rs 17500 for 3 years, if the rates for successive years is 4%, 5% and 6% respectively, the interest is payable annually.
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Solution
Here P1 = Rs.17500 and r = 4%
So, Amount after 1 year
= `"P"(1 + "r"/100)`
= `17500(1 + 4/100)`
= `17500 xx (104)/(100)`
= 18200
Thus, P2 = Rs.18200 and r = 5%
Amount after 2 year
= `"P"(1 + "r"/100)`
= `18200(1 + 5/100)`
= `18200 xx (105)/(100)`
= 19110
Thus, P3 = Rs.19110 and r = 6%
Amount after 3 year
= `"P"(1 + "r"/100)`
= `19110(1 + 6/100)`
= `19110 xx (106)/(100)`
= 20256.60
Hence, Amount = Rs.20256.60
Also, C.I.
= A - P
= Rs.20256.60 - Rs.17500
= Rs.27256.60.
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