How much will ₹ 50000 amount to in 3 years compounded yearly, if the rates for the successive years are 6%, 8% and 10% respectively.

For first year :

P = ₹ 50000

T = 1 year

R = 6%

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

$= \dfrac{50000 \times 6 \times 1}{100}$ = ₹ 3000.

Amount = P + I = ₹ 50000 + ₹ 3000 = ₹ 53000.

For second year :

P = ₹ 53000

T = 1 year

R = 8%

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

$= \dfrac{53000 \times 8 \times 1}{100}$ = ₹ 4240

Amount = P + I = ₹ 53000 + ₹ 4240 = ₹ 57240

For third year :

P = ₹ 57240

T = 1 year

R = 10%

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

$= \dfrac{57240 \times 10 \times 1}{100}$ = ₹ 5724

Amount = P + I = ₹ 57240 + ₹ 5724 = ₹ 62964

Hence, ₹ 50000 will amount to ₹ 62964 in 3 years