Find the amount on Rs. 10,000 after 2 years if the rates of interest are 3% and 4% for successive years.

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Solution

Here, $P = 10, 000$ Rs., $n = 2$ years
$R_{1} = 3$ and $R_{2} = 4$
Amount at the rate $R_{1}$ is $A_{1} = P {(1 + \frac{R_{1}}{100})}^{n}$
$= 10000 {(1 + \frac{3}{100})}^{2}$
$= 10000 {(\frac{103}{100})}^{2}$
$= 10609$
Amount at the rate $R_{2}$ is $A_{2} = P {(1 + \frac{R_{2}}{100})}^{n}$
$= 10000 {(1 + \frac{4}{100})}^{2}$
$= 10000 {(\frac{104}{100})}^{2}$
$= 10816$
Amount for these two years $= \frac{A_{1} + A_{2}}{2}$
$= \frac{10609 + 10816}{2}$
$= 10, 712.5$
Hence, the answer is Rs. $10.712$ .

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Find the amount on Rs. 10,000 after 2 years if the rates of interest are 3% and 4% for successive years.

Here, P=10,000 Rs., n=2 yearsR1=3 and R2=4Amount at the rate R1 is A1=P(1+R1100)n =10000(1+3100)2 =10000(103100)2 =10609Amount at the rate R2 is A2=P(1+R2100)n =10000(1+4100)2 =10000(104100)2 =10816Amount for these two years =A1+A22 =10609+108162 =10,712.5 Hence, the answer is Rs. 10.712.