Question

Meenal lends Rs. 75,000 at C.I. for 3 years. If the rate of interest for the first two years is 15% per year and for the third year it is 16%, calculate the sum Meenal will get at the end of the third year.

Answer 1

Given,

P= 75000
T= 3yrs
$R_1$ = 15%
$R_2$= 16%

Interest for the first year $=\frac{P\times R\times T}{100}$

$=\frac{75000\times 15\times 1}{100}$

$=Rs.11,250$

Amount for the first year$=75000+11250=86,250$

Interest for the second year $=\frac{86,250\times 15\times 1}{100}$

$=Rs.12,937.5$

Amount for the second year$=86,250+12,937=99,187.5$

Interest for the third year $=\frac{99,187.5\times 16\times 1}{100}$

$=Rs.15,870$

Amount for the third year $=99,187.5+15,870=1,15,057.5$

Amount for the first year $=$ Amount for the first year $+$ Amount for the second year

Hence, the sum Meenal will get at the end of the third year is Rs. $1,15,057.5$