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Maths-

General

Easy

Question

Find the compound interest for 3 years on Rs 5000, if the rate of interest for the successive years are 8%, 6% and 10% respectively.

hint Hint:

Find the total amount for 3 successive years then subtract the principal amount from it.

The correct answer is: 1296.4 Rupees

Complete step by step solution:
Given that principal amount P = 5000
Number of years T = 3
Let R₁ = 8%,R₂ = 6% and R₃ = 10%
Total amount , $A equals P cross times open parentheses 1 plus R subscript 1 over 100 close parentheses cross times open parentheses 1 plus R subscript 2 over 100 close parentheses cross times open parentheses 1 plus R subscript 3 over 100 close parentheses$ …(i)
On substituting the known values in (i), we get
$A equals 5000 cross times open parentheses 1 plus 8 over 100 close parentheses cross times open parentheses 1 plus 6 over 100 close parentheses cross times open parentheses 1 plus 10 over 100 close parentheses$
$not stretchy rightwards double arrow A equals 5000 cross times 108 over 100 cross times 106 over 100 cross times 110 over 100$
$not stretchy rightwards double arrow A equals 6296.4$
We know that, Compound interest ( CI) = total amount (A) - principal amount (P)
So, Compound interest ( CI) = 6296.4 - 5000 = 1296.4 Rupees

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