Calculate the compound interest on ₹ 15,000 in 3 years; if the rates of interest for successive years be 6%, 8%, and 10%, respectively.

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Solution

Principal (P) = ₹15,000
Time (t) =3 years
Rate ( $R_{1}$ ) = 6%
Principal after one year, $P_{1} = P (1 + \frac{R_{1}}{100}) = ₹ 15, 000 \times (1 + \frac{6}{100}) = ₹ 15, 900$
Rate( $R_{2}$ )= 8%
Principal after two years, $P_{2} = P_{1} (1 + \frac{R_{2}}{100}) = ₹ 15, 900 \times (1 + \frac{8}{100}) = ₹ 17, 172$
Rate( $R_{3}$ )=10%
Principal after three years, $P_{3} = P_{2} (1 + \frac{R_{3}}{100}) = ₹ 17, 172 \times (1 + \frac{10}{100}) = ₹ 18, 889.20$
C.I.= Amount - Principal
= ₹ 18,889.20- ₹ 15,000= ₹ 3,889.20

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