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Question
How much will Rs 14000 amounts to 2 years at compound interest, if the rates for the successive years be 5% and 8% respectively?
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Solution
Here P1 = Rs.14000 and r = 5%
So, Amount after 1 year
= `"P"(1 + "r"/100)`
= `14000(1 + 5/100)`
= `14000 xx (105)/(100)`
= 14700
Thus, P2 = Rs.14700 and r = 8%
Amount after 2 year
= `"P"(1 + "r"/100)`
= `14700(1 + 8/100)`
= `14700 xx (108)/(100)`
= 15876
Hence, Amount = Rs.15876.
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