Mathematics
Calculate the amount and the compound interest on ₹17000 in 3 years when the rate of interest for successive years is 10%, 10% and 14% respectively.
Compound Interest
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Answer
Principal for first year = ₹17000.
Interest for the first year = ₹ = ₹1700.
Amount after one year = ₹17000 + ₹1700 = ₹18700.
Principal for the second year = ₹18700.
Interest for the second year = ₹ = ₹1870.
Amount after 2 years = ₹18700 + ₹1870 = ₹20570.
Principal for the third year = ₹20570.
Interest for the third year = ₹ = ₹2879.80
Amount after 3 years = ₹20570 + ₹2879.80 = ₹23449.80
Compound interest = Final amount - Principal = ₹23449.80 - ₹17000 = ₹6449.80
Hence, the amount and the compound interest are ₹23449.80 and ₹6449.80 respectively.
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