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Question
Priyanka lends Rs.15,500 at 10% for the first year, at 15% for the second year and at 20% for the third year. If the rates of interest are compounded yearly, find the difference between the compound interest of the second year and the third year.
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Solution
For 1st year : P = Rs.15500, R = 10% and T = 1 year
Interest = Rs.`(15500 xx 10 xx 1)/(100)`
= Rs.1550
Amount
= Rs.15500 + Rs.1550
= Rs.17050
For 2nd year : P = Rs.17050, R = 15% and T = 1 year
Interest = Rs.`(17050 xx 15 xx 1)/(100)`
= Rs.2557.50
Amount
= Rs.17050 + Rs.2557.50
= Rs.19607.50
For 3rd year : P = Rs.19607.50; R = 20% and T = 1 year
= Rs.`(19607.50 xx 20 xx 1)/(100)`
= Rs.3921.50
Amount
= Rs.19607.50 + Rs.3921.50
= Rs.23529
Difference between the C.I. of the 2nd year and the 3rd year
= Rs.(3921.50 - 2557.50)
= Rs.1364.
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