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:

### 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 R_{1} = 8%,R_{2} = 6% and R_{3} = 10%

Total amount , …(i)

On substituting the known values in (i), we get

We know that, Compound interest ( CI) = total amount (A) - principal amount (P)

So, Compound interest ( CI) = 6296.4 - 5000 = 1296.4 Rupees

On substituting the known values in (i), we get

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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