The CI on Rs. 5000 for 3 years at 8% for first year, 10% for second year
Posted on 28-04-2023
Ques - The CI on Rs. 5000 for 3 years at 8% for first year, 10% for second year and 12% for third year will be :
(a) Rs. 1750
(b) Rs. 1652.80
(c) Rs. 1575
(d) Rs. 1685.20
Solution -
Given,
P = 5000
R = 8% for first year, 10% for second year and 12% for third year
A = P (1 + (r/100))n
A = 5000 [1 + (r1/100)] [1 + (r2/100)] [1 + (r3/100)]
A = 5000 [1 + (8/100)] [1 + (10/100)] [1 + (12/100)]
A = 5000 (1.08) (1.10) (1.12)
A = 6,652.8
CI = A - P
CI = 6,652.8 - 5000
CI = 1652.8
Hence,
The correct answer is option (b) Rs. 1652.80
Thank You