Calculate the amount and the compound interest on ₹ 16000 in 3 years, when the rates of interest for successive years are 10%, 14% and 15% respectively.

For first year :

P = ₹ 16000

T = 1 year

R = 10%

I = $\dfrac{P \times R \times T}{100}$

$= \dfrac{16000 \times 10 \times 1}{100}$ = ₹ 1600.

Amount = P + I = ₹ 16000 + ₹ 1600 = ₹ 17600.

For second year :

P = ₹ 17600

T = 1 year

R = 14%

I = $\dfrac{P \times R \times T}{100}$

$= \dfrac{17600 \times 14 \times 1}{100}$ = ₹ 2464

Amount = P + I = ₹ 17600 + ₹ 2464 = ₹ 20064

For third year :

P = ₹ 20064

T = 1 year

R = 15%

I = $\dfrac{P \times R \times T}{100}$

$= \dfrac{20064 \times 15 \times 1}{100}$ = ₹ 3009.60

Amount = P + I = ₹ 20064 + ₹ 3009.60 = ₹ 23073.60

Compound interest = Final amount - Initial principal

= ₹ 23073.60 - ₹ 16000 = ₹ 7073.60

Hence, amount = ₹ 23073.60 and compound interest = ₹ 7073.60