Question

Find the amount on ₹ 30,000 in 2 years , when the rates of interest for two successive years are 10 % and 12 % successively

• A. 15
• B. 16
• C. ₹ 36,690
• D. ₹ 36,960

Answer 1

The correct option is D

₹ 36,960

P = ₹ 30,000 T = 2 years , $R_1$ = 10 % and $R_2$ = 12 %

A = $P(1+\frac{R_1}{100})(1+\frac{R_2}{100})$

= $30000(1+\frac{10}{100})(1+\frac{12}{100})$

= $30000\left(\frac{110}{100}\right)\left(\frac{112}{100}\right)$

= ₹ 36,960