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Question

 will amount to ₹1155 in two years, if the compound rates of interest for successive years are 5% and 10%respectively?
 
  1. ₹1000
  2. ₹800
  3. ₹900
  4. ₹850


Solution

The correct option is A ₹1000
Let the principal amount be P.
Formula for the calculation of amount to be paid for successive rate of interest is : 
A=Principal×100+R1100×100+R2100
On using above formula, the amount after 2 years is: 
    1155=P×100+5100×100+10100

1155=P×105100×110100
1155=1.155P
 P=1000

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