Find the compound interest on $R s 10, 000$ for three years, if the rate of interest for $3$ years are 5% , 8% and 10% .

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Solution

Given Rate of interests are $r_{1} = 5 % = 0.05, r_{2} = 8 % = 0.08, r_{3} = 10 % = 0.1$
Principal Amount is $A = 10, 000$
Time is $t = 1$ years
Interest is compounded yearly once $⟹ n = 1$
for $1 s t$ year ,Amount $= P (1 + \frac{r_{1}}{n})^{n t} = 10000 (1 + 0.05) = 10500$
for $2 n d$ year ,Amount $= P (1 + \frac{r_{2}}{n})^{n t} = 10500 (1 + 0.08) = 11340$
for $3 r d$ year ,Amount $= P (1 + \frac{r_{3}}{n})^{n t} = 11340 (1 + 0.1) = 12474$
Total Interest is $12474 - 10000 = 2474$

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