A man deposited ₹6250 for 3 years in a bank. The bank pays interest at the rate of 8%, 9% and 10% for the first,
second and third year respectively. If the interest is reckoned annually, find :
(i) the amount at the end of the second year.
(ii) the compound interest for the third year.
(iii) the compound interest for 3 year.
Answer:
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Step-by-step explanation:
Rs 9,261
we know that,
A=P(1+
100
R
)
n
Putting the values in this formula we will get the amount
Principal is 8000
time is 3 years
rate is 3%
so,
=8000(1+
100
5
)
3
=8000×(1.05)
3
=8000×1.1576=9261
After 3 years he will get Rs9261