Calculate the amount, if ₹ 15000 is lent at compound interest for 2 years and the rates for the successive years are 8% p.a. and 10% p.a. respectively.

Given,

P = ₹ 15000

r₁ = 8%

r₂ = 10%

n = 2 years

By formula,

A = $P\Big(1 + \dfrac{r$1}{100}\Big)\Big(1 + \dfrac{r2}{100}\Big)

Substituting values we get :

$A = 15000 \times \Big(1 + \dfrac{8}{100}\Big) \times \Big(1 + \dfrac{10}{100}\Big) \\[1em] = 15000 \times \dfrac{108}{100} \times \dfrac{110}{100} \\[1em] = 15000 \times \dfrac{27}{25} \times \dfrac{11}{10} \\[1em] = 60 \times 27 \times 11 \\[1em] = ₹17820.$

Hence, amount = ₹ 17820.