Question
Find the amount and the compound interest payable annually on:$Rs.17500$ for $3$ years at $8\%, 10\%$ and $12\%$ for the successive years.
✓
Answer
For $1^{st}$ year: $P=R s .17500, R=8 \%$ and $T=1$ year
$\therefore$ Interest $= Rs. \frac{17500 \times 8 \times 1}{100}$
$= Rs. 1400$
And, amount
$=\text { Rs. } 17500+\text { Rs. } 1400$
$=\text { Rs. } 18900$
For $2^{nd}$ year: $P=R s .18900, R=10 \%$ and $T=1$ year
$\therefore$ Interest $=\text { Rs. } \frac{18900}{1}$
$=\text { Rs. } 1890$
And, amount
$=\text { Rs. } 18900+\text { Rs. } 1890$
$=\text { Rs. } 20790$
For $3^{rd}$ year: $P=R s .20790, R=12 \%$ and $T=1$ year
$\therefore \text { Interest }=\text { Rs. } \frac{20790 \times 12 \times 1}{100}$
$=\text { Rs. } 2494.80$
And, amount
$=\text { Rs. } 20790+R s .2494 .80$
$=\text { Rs. } 23284.80$
$\therefore$ Required amount $= Rs. 23284.80$
And, Compound Interest
$=A \cdot P$
$=\text { Rs. } 23284.80-R s .17,500$
$=R s .5784 .80$
$\therefore$ Interest $= Rs. \frac{17500 \times 8 \times 1}{100}$
$= Rs. 1400$
And, amount
$=\text { Rs. } 17500+\text { Rs. } 1400$
$=\text { Rs. } 18900$
For $2^{nd}$ year: $P=R s .18900, R=10 \%$ and $T=1$ year
$\therefore$ Interest $=\text { Rs. } \frac{18900}{1}$
$=\text { Rs. } 1890$
And, amount
$=\text { Rs. } 18900+\text { Rs. } 1890$
$=\text { Rs. } 20790$
For $3^{rd}$ year: $P=R s .20790, R=12 \%$ and $T=1$ year
$\therefore \text { Interest }=\text { Rs. } \frac{20790 \times 12 \times 1}{100}$
$=\text { Rs. } 2494.80$
And, amount
$=\text { Rs. } 20790+R s .2494 .80$
$=\text { Rs. } 23284.80$
$\therefore$ Required amount $= Rs. 23284.80$
And, Compound Interest
$=A \cdot P$
$=\text { Rs. } 23284.80-R s .17,500$
$=R s .5784 .80$
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