Meenal lends ₹ 75000 at C.I. for 3 years. If the rate of interest for the first two years is 15% per year and for the third year it is 16%, calculate the sum Meenal will get at the end of third year.

For first year :

P = ₹ 75000

T = 1 year

R = 15%

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

$= \dfrac{75000 \times 15 \times 1}{100}$ = ₹ 11250.

Amount = P + I = ₹ 75000 + ₹ 11250 = ₹ 86250.

For second year :

P = ₹ 86250

T = 1 year

R = 15%

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

$= \dfrac{86250 \times 15 \times 1}{100}$ = ₹ 12937.50.

Amount = P + I = ₹ 86250 + ₹ 12937.50 = ₹ 99187.50

For third year :

P = ₹ 99187.50

T = 1 year

R = 16%

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

$= \dfrac{99187.50 \times 16 \times 1}{100}$ = ₹ 15870.

Amount = P + I = ₹ 99187.50 + ₹ 15870 = ₹ 115057.50

Hence, at the end of third year Meenal will get ₹ 115057.50