Calculate the amount, if Rs. 15,000 is lent at convound interest for 2 years and the rates for the successive years are 8% p.a. and 10% p.a. respectively.

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Solution

Given : P= Rs15,000; n=2years; R₁ =8% and R₂ =10%

Amount= P[ $(1 + \frac{R_{1}}{100})$ $\times$ $(1 + \frac{R_{2}}{100})$ ]

= 15000[ $(1 + \frac{8}{100})$ $\times$ $(1 + \frac{10}{100})$ ]

= Rs17,820

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Calculate the amount, if Rs. 15,000 is lent at convound interest for 2 years and the rates for the successive years are 8% p.a. and 10% p.a. respectively.

Given : P= Rs15,000; n=2years; R1 =8% and R2 =10% Amount= P[(1+R1100) × (1+R2100)] = 15000[(1+8100) × (1+10100)] = Rs17,820

Given : P= Rs15,000; n=2years; R₁ =8% and R₂ =10%

Amount= P[ $(1 + \frac{R_{1}}{100})$ $\times$ $(1 + \frac{R_{2}}{100})$ ]

= 15000[ $(1 + \frac{8}{100})$ $\times$ $(1 + \frac{10}{100})$ ]

= Rs17,820