What is the compound interest on ₹5000 for 3 years if rate of interest for first, second and third years respectively is 5%, 10% and 20%.
1930
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Solution
The correct option is A 1930 Formula for the calculation of compound interest for successive rate of interest is : A=Principal×100+R1100×100+R2100×100+R3100 On using above formula, the amount after 3 years is: =Principal×100+5100×100+10100×100+20100