Calculate the compound interest accrued on Rs. 16,000 in 3 years, when the rates of interest for successive years are 10%, 12% and 15% respectively.

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Solution

$W h e n r a t e s o f d i f f e r e n t y e a r i s g i v e n f o r m u l a t o c a l c u l a t e a m o u n t i s$ $A = P (1 + \frac{R_{1}}{100}) (1 + \frac{R_{2}}{100}) (1 + \frac{R_{3}}{100})$

$G i v e n p r i n c i p a l i s 16000$

$A = 16000 (1 + \frac{10}{100}) (1 + \frac{12}{100}) (1 + \frac{15}{100})$

$A = 16000 (1.1 \times 1.12 \times 1.15)$
$A = 16000 \times 1.4168$
$A = 22668.8$
$A m o u n t w i l l b e 22668.8$
∴ Compound interest accrued will be =22,668.80−Rs.16,000=Rs.6,668.80

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Calculate the compound interest accrued on Rs. 16,000 in 3 years, when the rates of interest for successive years are 10%, 12% and 15% respectively.

Whenratesofdifferentyearisgivenformulatocalculateamountis A=P(1+R1100)(1+R2100)(1+R3100) Givenprincipalis16000A=16000(1+10100)(1+12100)(1+15100)A=16000(1.1×1.12×1.15) A=16000×1.4168A=22668.8Amountwillbe22668.8∴ Compound interest accrued will be =22,668.80−Rs.16,000=Rs.6,668.80