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Question
Find the C.I. on ₹ 15000 for 3 years if the rates of interest are 15%, 20% and 25% for the I, II and III years respectively
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Solution
Principal (P) = ₹ 15000
Rate of interest 1 (a) = 15% for year I
Rate of interest 2 (b) = 20% for year II
Rate of interest 3 (c) = 25% for year III
Formula for amount when rate of interest is different for different years is
A = `(1 + "a"/100)^1 (1 + "b"/100)^1 (1 + "c"/100)^1`
Substituting in the above formula, we get
A = `15000(1 + 15/100)(1 + 20/100)(1 + 25/100)`
= `15000 xx 115/100 xx 120/100 xx 125/100`
= 25,875
∴ Compound Interest (C.I.) = A – P
= 25,875 – 15,000
= ₹ 10,875
∴ C.I. = ₹ 10,875
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